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Councilmember introduced the following resolution and moved for its adoption: <br />RESOLUTION #20-253 <br />EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL <br />CITY OF RAMSEY MINNESOTA <br />HELD: October 27, 2020 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall in <br />Ramsey, Minnesota on October 27, 2020, at 7:00 p.m. for the purpose, in part, of giving <br />preliminary approval to the issuance of general obligation capital improvement plan bonds and <br />adopting the capital improvement plan. <br />RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF <br />GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN <br />AMOUNT NOT TO EXCEED $10,000,000, ADOPTING THE CITY OF RAMSEY, <br />MINNESOTA, CAPITAL IMPROVEMENT PLAN FOR THE YEARS 2020 <br />THROUGH 2024 AND AUTHORIZING THE SALE OF GENERAL OBLIGATION <br />BONDS <br />A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City") <br />proposes to issue its general obligation capital improvement plan bonds (the "Bonds") and adopt <br />the City of Ramsey, Minnesota, Capital Improvement Plan for the years 2020 through 2024 the <br />'Plan"); and <br />B. WHEREAS, the City has caused notice of the public hearing on the intention to <br />issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in <br />accordance with Minnesota Statutes, Section 475.521; and <br />C. WHEREAS, a public hearing on the intention to issue the Bonds and on the <br />proposed Plan has been held on this date, following published notice of the public hearing as <br />required by law; and <br />D. WHEREAS, in approving the Plan, the City Council considered for each project <br />and 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 />1 <br />12908483v1 <br />