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RESOLUTION 07-11-63
RESOLUTION GIVING PRELIMINARY APPROVAL FOR THE ISSUANCE
OF GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS
IN AN AMOUNT NOT TO EXCEED $7,500,000 FOR PURPOSES STATED
IN THE ADOPTED , 2008 -2012 ANTICIPATED FIVE -YEAR CAPITAL
IMPROVEMENT PLAN AS ADOPTED ON NOVEMBER 7', 2007.
WHEREAS, the City Council of the City of Oak Park Heights, Minnesota (the
"City ") proposes to issue general obligation capital improvement plan bonds (the
"Bonds ") and has adopted the City of Oak Park Heights, Minnesota, 2008 -2012
Anticipated Five -Year Capital Improvement Plan (the "Plan") on November 7 th ,
2007; and
WHEREAS, the City has caused notice of the public hearing on the intention to issue
the Bonds and on the adoption of the Plan to be published pursuant to and in
accordance with Minnesota Statutes, Section 475.521; and
WIMREAS, a public hearing on the intention to issue the Bonds and on the Plan has
been held on this October 23 2007 and continued to November 7 2007, following
• published notice of the public hearing as required by law; and
WHEREAS, in approving the Plan, the City Council considered for each project and
for the overall Plan:
1. The condition of the City's existing infrastructure, including the
projected need for
repair and 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 City;
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 more efficiently through shared
facilities with other
local governmental units; and
WHEREAS, the City Council has determined that the issuance of general obligation
capital improvement plan bonds in the aggregate principal amount not to exceed
$7,500,000 is the best way to finance those portions of Plan eligible under Minnesota
. Statutes, Section 475.521.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Oak
Park Heights, Minnesota, that the City hereby authorizes its bond counsel to prepare
paperwork and obtain a credit rating for the City Council to review, facilitating the
future issuance of up to $7,500,000 aggregate principal amount of general obligation
capital improvement plan bonds and is consistent with the Plan.
Passed by the City Council for the City o;RFB�*eaudet, is this 27 d of
November, 07.
Mayor
A st
r' Johnson, City Administrator
2