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The Council must approve the sale of CIP Bonds by a 3/5ths vote of its <br />membership. However, issuance of CIP Bonds is also subject to reverse <br />referendum: if a petition is signed by voters equal to at least five percent <br />of the votes cast in the City in last general election and is filed with the <br />City Clerk within 30 days after the public hearing regarding the CIP <br />Bonds, the CIP Bonds may not be issued unless approved by a majority <br />of voters voting on the question of issuing the obligations. Further, the <br />maximum debt service in any year on all outstanding CIP Bonds is 0.16% <br />of the estimated market value of property in the city, using the market <br />value for the taxes -payable year in which the bonds are issued. <br />After the CIP has been approved and general obligation bonds have been <br />authorized, the City works with its municipal advisor to prepare a bond <br />sale and repayment schedule. Assuming no petition for a referendum is <br />filed, the bonds are sold, and when proceeds from the sale of the bonds <br />(and any other identified revenue sources) become available, prior <br />qualifying expenditures for specified Capital Improvements can be <br />reimbursed and new expenditures made. <br />IV. PROJECT SUMMARY <br />The expenditures to be undertaken with this CIP for the years 2020 to <br />2024 are limited to those listed in Appendix A. All other foreseeable <br />capital expenditures within the City will come through other means as <br />identified within the City's annual budgeting process. <br />CIP Factors <br />The CIP Act requires the City Council to consider eight factors in <br />preparing the CIP and authorizing general obligation bonds: <br />1. Condition of the City's existing infrastructure, including projected <br />need for repair or replacement. <br />2. Likely demand for the improvement(s). <br />3. Estimated cost of the improvement(s). <br />4. Available public resources. <br />5. Level of overlapping debt in the City. <br />6. Relative benefits and costs of alternative uses of funds. <br />7. Operating costs of the proposed improvement(s). <br />City of Ramsey, MN <br />Five -Year Capital Improvement Plan for Bond Issuance 4 <br />