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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF RAMSEY, MINNESOTA <br />HELD: MARCH 10, 2015 <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Ramsey, Minnesota, was duly called and held at the City Hall in Ramsey, Minnesota on Tuesday the <br />10th day of March, 2015 at 7:00 p.m. for the purpose, in part, of giving preliminary approval to the <br />issuance of general obligation capital improvement plan bonds and adopting the capital <br />improvement plan. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION GIVING PRELIMINARY APPROVAL <br />FOR THE ISSUANCE OF THE CITY'S GENERAL OBLIGATION <br />CAPITAL IMPROVEMENT PLAN BONDS IN AN AMOUNT <br />NOT TO EXCEED $4, 200,000 AND <br />ADOPTING THE CITY OF RAMSEY MINNESOTA CAPITAL <br />IMPROVEMENT PLAN FOR 2015 THROUGH 2019 <br />UNDER MINNESOTA STATUTES, SECTION 475.521 <br />A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City") <br />proposes to adopt the City of Ramsey, Minnesota Capital Improvement Plan (the "Plan") and to <br />issue its general obligation capital improvement plan bonds (the "Bonds") described in the Plan; and <br />B. WHEREAS, the City has caused notice of the public hearing on the intention to issue <br />the Bonds and on the proposed adoption of the Plan to be published pursuant to and in accordance <br />with Minnesota Statutes, Section 475.521; and <br />C. WHEREAS, a public hearing on the intention to issue the Bonds and on the proposed <br />Plan has been held on this date, following published notice of the hearing as required by law; and <br />D. WHEREAS, in approving the Plan, the City Council considered for each project and <br />for the overall Plan: <br />1. The condition of the City's existing infrastructure, including the projected <br />need for repair and replacement; <br />2. The likely demand for the improvement; <br />3. The estimated cost of the improvement; <br />4. The available public resources; <br />5. The level of overlapping debt in the City; <br />6. The relative benefits and costs of alternative uses of the funds; <br />7. Operating costs of the proposed improvements; and <br />Ehlers & Associates, Inc. Page 18 <br />