HomeMy WebLinkAboutResolution No. 2022-56 Edina - CIP-Approval and Bond Authorization-v4CERTIFICATION OF MINUTES RELATING TO
ADOPTION OF CAPITAL IMPROVEMENT PLAN AND ISSUANCE AND SALE OF
BONDS THEREFOR
Issuer: City of Edina, Minnesota
Governing Body: City Council
Kind, date, time and place of meeting: A regular meeting held on June 21, 2022
at 7:00 o’clock P.M., at the City Hall, Edina, Minnesota.
Members present: Kevin Staunton, Carolyn Jackson, James Pierce, James Hovland
Members absent: Ron Anderson
Documents Attached:
Minutes of said meeting (pages):
RESOLUTION NO. 2022-56
RESOLUTION ADOPTING CAPITAL IMPROVEMENT PLAN
AND AUTHORIZING THE ISSUANCE AND SALE OF BONDS
THEREFOR
I, the undersigned, being the duly qualified and acting recording officer of the public
corporation issuing the bonds referred to in the title of this certificate, certify that the documents
attached hereto, as described above, have been carefully compared with the original records of said
corporation in my legal custody, from which they have been transcribed; that said documents are
a correct and complete transcript of the minutes of a meeting of the governing body of said
corporation, and correct and complete copies of all resolutions and other actions taken and of all
documents approved by the governing body at said meeting, so far as they relate to said bonds;
and that said meeting was duly held by the governing body at the time and place and was attended
throughout by the members indicated above, pursuant to call and notice of such meeting given as
required by law.
WITNESS my hand officially as such recording officer this ______ day of June, 2022.
_________________________________________
Sharon Allison, City Clerk
21
Councilmember _____________ introduced the following resolution and moved its adoption,
which motion was seconded by Councilmember ______________:
RESOLUTION NO. 2022-56
RESOLUTION ADOPTING CAPITAL IMPROVEMENT PLAN
AND AUTHORIZING THE ISSUANCE AND SALE OF BONDS
THEREFOR
BE IT RESOLVED by the City Council (this “Council”) of the City of Edina, Minnesota
(the “City”), as follows:
SECTION 1. PUBLIC HEARING; FINDINGS. On the date hereof, the City held a public
hearing on the approval of the City’s Capital Improvement Plan (the “Plan”) and the issuance of
capital improvement plan bonds in an amount not to exceed $39,000,000, pursuant to Minnesota
Statutes, Section 475.521 (the “Bonds”), for the purpose of financing the construction of various
capital improvements identified in the Plan, including capital improvements related to the City’s
Fire Station #2 Facility Project (the “Projects”).
All parties who appeared at the hearing were given an opportunity to express their views
with respect to the proposal to adopt the Plan and undertake and finance the Projects, and any
written comments submitted prior to the hearing were considered.
In approving the Plan, the Council considered for each project and the overall Plan:
(1)the condition of the City’s existing infrastructure, including the projected need for
repair or replacement;
(2)the likely demand for the improvement;
(3)the estimated cost of the improvement;
(4)the available public resources;
(5)the level of overlapping debt in the municipality;
(6)the relative benefits and costs of alternative uses of the funds;
(7)operating costs of the proposed improvements; and
(8)alternatives for providing services most efficiently through shared facilities with
other municipalities or local government units.
SECTION 2. PLAN ADOPTION. The City hereby adopts the Plan.
SECTION 3. BOND AUTHORIZATION. It is hereby determined to be in the best
interests of the City to issue the Bonds to finance the costs of the Projects. If a petition requesting
a vote on issuance of the Bonds, signed by voters equal to five percent of the votes cast in the last
general election, is filed with City Manager within 30 days of the date hereof, the City may issue the
Bonds only after obtaining approval of a majority of voters voting on the question at an election.
SECTION 4. SALE OF BONDS. In the event that no petition for referendum as described
in Section 3 hereof is filed, the City is authorized to proceed with issuance of a portion of the Bonds,
expected to be designated as General Obligation Temporary Capital Improvement Bonds, Series
Staunton
Pierce
2022B (the “Series 2022B Bonds”) in a principal amount not to exceed $17,000,000. Ehlers &
Associates, Inc., in Roseville, Minnesota (“Ehlers”) is hereby designated as the City’s independent
municipal advisor in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9). The
City Council shall meet on August 3, 2022, for the purpose of considering proposals for and
awarding the sale of the Series 2022B Bonds. In connection with said sale, the officers or
employees of the City are hereby authorized to cooperate with Ehlers and participate in the
preparation of an official statement for the Bonds and to execute and deliver it on behalf of the
City upon its completion, and City staff are authorized and directed to take all other actions
necessary to carry out the intent of this resolution.
Adopted this ___ day of June, 2022.
Mayor
Attest:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember ______________________ and upon vote being taken thereon, the
following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
Pierce
Staunton, Jackson, Pierce, Hovland
21