11-08-2021 Council Packet - Laserfiche WebLink

Home Browse Search

CITY OF ORONO RESOLUTION OF THE CITY COUNCIL NO. 7233 RESOLUTION APPROVING CAPITAL IMPROVEMENT PLAN AND CONFIRMING INTENT TO ISSUE BONDS WHEREAS, there has been presented to this Council a Supplemental Capital Improvement Plan (the “Plan”) for the County prepared in accordance with Minnesota Statutes, Section 475.521; and WHEREAS, in preparing the Plan, this Council considered the factors set forth in Minnesota Statutes, Section 475.521, Subd. 3; and WHEREAS, a public hearing was duly called and held on the Plan and the Council’s intent to issue bonds for transactions contemplated by the Plan consisting of the construction of a public works facility and fire station facility in the city. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ORONO, MINNESOTA, AS FOLLOWS: 1. The Plan is hereby approved. 2. The Council’s intent to issue bonds pursuant to the Plan is hereby confirmed. The estimated amount of bonds for this purpose is $16,000,000. The issuance of the bonds is subject to a referendum if a petition meeting the requirements of Minnesota Statutes, Section 475.521, Subd. 2(c) requesting a vote on the issuance is filed with the City Clerk within 30 days after the date hereof. 3. Sealed proposals for the bonds, to be part of an issue aggregating approximately $16,000,000, will be received on Monday, December 13, 2021, at the offices of Ehlers & Associates, Inc. The City Council will meet at City Hall at 6:00 o’clock P.M. on the same day for the purpose of considering the proposals and awarding the sale of the bonds. The terms of the bonds and the sale thereof shall be substantially as set forth in the report of Ehlers & Associates, Inc. on file in the office of the City Finance Director. ADOPTED by the City Council of the City of Orono, Minnesota, and this 8th day of November, 2021.