HomeMy WebLinkAboutCity Council Resolution 2020-317
C ITY OF P LYMOUTH
R ESOLUTION N O. 2020-317
RESOLUTION APPROVING A CAPITAL IMPROVEMENT PLAN AND GIVING PRELIMINARY
APPROVAL TO THE ISSUANCE OF CAPITAL IMPROVEMENT BONDS
WHEREAS, the City is authorized under Minnesota Statutes, 475.521 (the “Act”) to prepare a capital improvement
plan and carry out programs for financing certain capital improvements. The City may issue general obligation bonds
pursuant to the Act to finance the cost of capital improvements described in the plan; and
WHEREAS, before the approval of the Plan and issuance of any general obligation bonds under the Act, the City is
required to hold a public hearing on the plan and issuance of the bonds; and
WHEREAS, pursuant to the Act, the City has caused to be prepared a five year capital improvement plan (the
“Plan”), which describes certain capital improvements in the City for the years 2021 through 2025; and
WHEREAS, in approving the Plan, the City Council considered for each project and for the overall Plan:
A. The Condition of the City’s existing infrastructure, including the projected need for repair and
replacement,
B. The likely demand for the improvements,
C. The estimated cost of the improvements,
D. The available public resources,
E. The level of overlapping debt in the City,
F. The relative benefits and costs of alternative uses of the funds,
G. Operating costs of the proposed improvements, and
H. Alternatives for providing services more efficiently through shared facilities with other local
government units; and
WHEREAS, the City has determined that it is in its best interests to give preliminary approval to the issuance and
sale of capital improvement bonds pursuant to the Act in the maximum principal amount of $21,500,000 (the “Bonds”),
to finance a portion of the costs described in the Plan; and
WHEREAS, on this date, the Council held a public hearing on the Plan and the issuance of the Bonds, after
publication in the City’s official newspaper of a notice of public hearing at least 14 days but no more than 28 days before
the date of the public hearing.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Plymouth, as follows:
(1) The Council finds that the Plan will provide for certain capital improvements which serve the interests of
the City as a whole.
(2) The Plan is approved in the form on file in City Hall.
(3) The City hereby gives preliminary approval to the issuance of Bonds in the maximum principal amount of
$21,500,000, in order to finance certain capital improvements described in the Plan, including without
limitation the City’s Fire Stations II and III Building Projects and costs of issuance of the Bonds, subject to
further details regarding the sale of the Bonds to be set forth in a resolution to be considered by the City
Council at a subsequent meeting.
(4) If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to 5% of the votes cast
in the last municipal general election, is filed with the City Clerk within 30 days after the date of the public
hearing, the City may issue the Bonds only after obtaining approval of a majority of voters voting on the
question at an election.
(5) City staff are authorized and directed to take all other actions necessary to carry out the intent of this
resolution.
The motion for the adoption of the foregoing resolution was duly seconded by councilmember Willis and upon
vote being taken thereon, the following voted in favor thereof: Mayor Wosje, Councilmembers Davis, Roehl, Willis, Carroll,
McGregor, and Prom.
APPROVED by the City Council on this 24th day of November, 2020.
2
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth, Minnesota, certifies that I
compared the foregoing resolution adopted at a meeting of the Plymouth City Council on November 24, 2020 with the
original thereof on file in my office, and the same is a correct transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this ___________ day of November,
2020.
____________________________________
City Clerk