Agenda - Council - 03/10/2015 - Laserfiche WebLink

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May 26, 2015, with the approval of the sale and terms brought forward to the City Council for their approval that same evening (May 26, 2015). The authorization of bids and awarding of contract for Fire Station #2 is scheduled to be brought forward to the City Council on March 24, 2015. Notification: The City Council authorized the calling of the public hearing for the intention to issue Capital Equipment Plan Bonds and the Capital Improvement Plan for Fire Station #2 at its regular meeting of February 10, 2015. This meeting was posted in the Anoka County Union as required. Ehlers and Associates, the city's financial consultant, has prepared a Five -Year Capital Improvement Plan (for GO CIP Bonding Projects only) for the years 2015-2019 which outlines the CIP planning process that is a requirement of the "CIP Act". Stacie Kvilvang of Ehlers, will be present at the meeting to answer any questions related to the Five -Year Capital Improvement Plan, Capital Equipment Plan Bonds and the process forward. It should be noted that the amount of the fire station project listed in the CIP document is higher -$4.2M than the bonded request amount of $3.97M. The CIP amount is at a higher amount to account for any unforeseen costs, such as the bonds being sold at a premium. You cannot bond for an amount higher than what is listed in the CIP document, so the higher amount included in the CIP is just a precautionary factor. Observations/Alternatives: Alternative #1: Motion to Adopt Resolution #15-03-062 authorizing approval of the issuance of GO Capital Improvement Plan Bonds in an amount not to exceed $4,200,000 and adopting the City of Ramsey Capital Improvement Plan (for GO CIP Bonding Projects only) for the years 2015 through 2019. Alternative #2: Motion to not adopt Resolution #15-03-062 at this time Funding Source: The issuance of Capital Improvement Debt will finance the construction of Fire Station #2. Recommendation: Staff recommends alternative #1 as this is the authorization to issue debt with final approval of the acceptance of the bond sale terms at the regular City Council meeting of May 26, 2015. Action: Motion to approve Resolution #15-03-062 giving preliminary approval to the issuance of GO Capital Improvement Plan Bonds in an amount not to exceed $4.2M and adopting the City of Ramsey's Capital Improvement Plan (for GO CIP bonding projects only) for the Years 2015 through 2019. Attachments 2015-2019 CIP Presale Report Reso #15-03-062 Approve Issue Debt & Adopt CIP