HomeMy WebLinkAboutResolution No. 091-24 - Resolution - Capital Improvement Plan and Giving Preliminary Approval to the Issuance of Capital Improvement Plan Bonds
RESOLUTION
Approving a Capital Improvement Plan and Authorizing Preliminary Approval for
the Issuance of Capital Improvement Plan Bonds.
BE IT RESOLVED by the City Council (the “Council”) of the City of Rochester, Minnesota
(the “City”) as follows:
Section 1. Background.
1.01. 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.
1.02. 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.
1.03. 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 2024 through 2028.
1.04. The City has determined that it is in its best interests to preliminarily approve
the issuance and sale of capital improvement plan bonds pursuant to the Act (the “CIP
Bonds”), in one or more series, at one time or from time to time, an aggregate amount not
to exceed $8,700,000 to finance a portion of the capital improvements set forth in the
Plan, including without limitation improvements to the Rochester Public Library and the
City Hall to, among other things, replace the steam heating and cooling system with a
district heating and cooling system (collectively, the “Capital Improvements”).
1.05. On this date, the Council held a public hearing on the Plan and the issuance
of the CIP 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.
Section 2. Plan Approved.
2.01. The Council finds that the Plan will provide for certain capital improvements
which serve the interests of the City as a whole.
2.02. The Plan is approved in substantially the form on file in City Hall.
2.03. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Council, by
at least a two-thirds vote of all of its members, finds that the Plan and the improvements
to be financed with the CIP Bonds do not impact and do not have a relationship to the
City’s comprehensive plan; the Plan and improvements are consistent with the City’s
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comprehensive plan; therefore, the Council dispenses with the requirements of Minnesota
Statutes, Section 462.356, subd. 2 relating to planning commission review of the Plan
and the improvements.
Section 3. CIP Bonds Authorized.
3.01. The City hereby gives preliminary approval to the issuance of CIP Bonds,
in one or more series, at one time or from time to time, in an aggregate principal amount
not to exceed $8,700,000 (in addition to amounts issued to finance other capital
improvements under the Plan) to finance (i) a portion of the capital improvements set forth
in the Plan, including without limitation improvements to the Rochester Public Library and
the City Hall to, among other things, replace the steam heating and cooling system with
a district heating and cooling system and (ii) costs of issuance of the CIP Bonds, subject
to further details regarding the sale of the CIP Bonds to be set forth in a resolution to be
considered by the City Council at a subsequent meeting.
3.02. If a valid petition requesting a vote on the issuance of the CIP 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
CIP Bonds under Minnesota Statutes, 475.521 for the Capital Improvements described
herein only after obtaining approval of a majority of voters voting on the question at an
election.
3.03 City staff are authorized and directed to take all other actions necessary to
carry out the intent of this resolution.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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