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Home My WebLink About6.p. Set Public Hearing Date for Issuance of Bonds for Fire Station #2CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION City Council Meeting Date March 15, 2005 AGENDA ITEM: Set Public Hearing Date for the Issuance AGENDA SECTION: of Bonds for Fire Station #2 Consent PREPARED BY: Dawn Weitzel, Assistant City Administrator AGED ,t 33' ATTACHMENTS. Resolution APPROVED BY: Du Notice of Public Hearing RECOMMENDED ACTION: Motion to adopt a RESOLUTION CALLING PUBLIC HEARING ON THE INTENTION TO ISSUE GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS AND THE PROPOSAL TO ADOPT A CAPITAL IMPROVEMENT PLAN THEREFOR on Tuesday, April 5, 2005 ACTION: BACKGROUND In 2003 the City acquired land for Fire Station #2 along the north side of Connemara Trad at Azalea Avenue This location will be used as a satellite station, however it is being designed with the potential of accommodating future growth or a change in operational use In addition to fire operations, the facility will be designed to serve as a polling place, as an emergency operations center, or as a public meeting place As part of the financial procedures in the construction of Fire Station #2, the City must conduct a public hearing on the proposal to approve the issuance of general obligation capital improvement plan bonds In accordance with notice requirements the City must set the project's principal amount At the Council's direction this has been set not to exceed $2,630,000 (Exhibit A) The City, at the same public hearing, must also formally approve the CIP plan during the course of the hearing The CIP was approved in November of 2004 and the action taken at that time is sufficient unless you are going to issue CIP bonds In that case a hearing must take place. By approving the plan at the April 5th public hearing we will be meeting the requirements of the statute In addition to the Public Hearing regarding the issuance of bonds, in April Staff will be organizing a tour with Moody's Investors Service with the hope that our bond rating could be evaluated for an upgrade from the current Al rating A bond rating increase would mean that the City's bonds are more attractive in the financial marketplace which would translate to lower interest rates In May the final rating of the bonds will take place, the architect will complete the initial design development and forward it to the City for planning review, and it is asked that Council hold a special meeting on May 24 for the consideration of the sale and award of the bonds SUMMARY It is requested that council approve the resolution calling for a public hearing on the intention to issue general obligation capital improvement plan bonds. 2 CITY OF ROSEMOUNT COUNTY OF DAKOTA STATE OF MINNESOTA RESOLUTION 2005 RESOLUTION CALLING PUBLIC HEARING ON THE INTENTION TO ISSUE GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS AND THE PROPOSAL TO ADOPT A CAPITAL IMPROVEMENT PLAN THEREFOR WHEREAS, pursuant to Minnesota Statutes, Section 475 521 the City of Rosemount, Minnesota (the "City may issue bonds to finance capital expenditures under its capital Improvement plan (the "Plan without an election proNided that, among other things, prior to issuing general obligation capital Improvement plan bonds (the `Bonds the City adopts the Plan after holding a public hearing thereon and publishing a notice of its intention to issue the Bonds and the date and time of a hearing to obtain public comment on the issuance of the Bonds and adoption of the Plan, and WHEREAS. the City Council will hold a public hearing on April 5, 2005 on its intention to issue the Bonds and to adopt the Plan, and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rosemount, Minnesota, that the City Council hereby calls for a public hearing on its intent to issue the Bonds and to adopt the Plan, the public hearing to be held on the date and time set forth in Exhibit A attached hereto. The City Council is hereby directed to cause the notice of public hearing to be published at least 14 but not more than 28 days before the date of the public hearing in the official newspaper of the City or a newspaper of general circulation in the City ADOPTED by the City Council this 15' day of March, 2005 Attest. Linda Jentink, Secietary Motion by Voted in favor. Voted Against: Members Absent William H Droste, Mayor Seconded by 1745108v1 CERTIFICATE STATE OF MINNESOTA COUNTY OF DAKOTA ss CITY OF ROSEMOUNT I, Linda J Jentmk, duly appointed, acting and qualified City Clerk of the City of Rosemount do hereby certify that I have examined the City of Rosemount records and the Minute Book of said City for the meeting of the 15th of March, 2005 and that the attached copy of the Resolution 2005 -A RESOLUTION CALLING PUBLIC HEARING ON THE INTENTION TO ISSUE GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS AND THE PROPOSAL TO ADOPT A CAPITAL IMPROVEMENT PLAN THEREFOR was approved and is a true and correct copy of the City Proceedings relating to said Resolution IN WITNESS WHEREOF, I have hereunto set my hand and seal of said City this 15 day of March, 2005 Linda J Jentink, City Clerk City of Rosemount Dakota County, Minnesota 1745108v1 EXHIBIT A NOTICE OF PUBLIC HEARING ON A PROPOSAL TO ADOPT A CAPITAL IMPROVEMENT PLAN AND THE ISSUANCE OF GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS NOTICE IS HEREBY GIVEN, that the City Council of the City of Rosemount, Minnesota will meet on April 5, 2005 at 7 p in in the Council Chambers at the City Hall, 2875 145 Street West, Rosemount, Minnesota, for the purpose of conducting a public hearing on a proposal to adopt a capital improvement plan and approve the issuance of general obligation capital improvement plan bonds in the principal amount not to exceed $2,630,000 All persons interested may appear and be heard at the time and place set forth above If a petition requesting a vote on the issuance of the bonds is signed by voters equal to five percent of the votes cast in the City in the last general election and is filed with the City within thirty days after the public hearing, the bonds may only be issued upon obtaining the approval of the majority of the voters voting on the question of issuing the bonds Individuals unable to attend the public hearing can make written comment by writing to Linda Jentink, City Clerk, City Hall, 2875 145 °i Street West, Rosemount, Minnesota 55068 Written comments must be received prior to the public hearing DATED- March 15, 2005 BY ORDER OF THE ROSEMOUNT CITY COUNCIL /s/ Linda Jentink City Clerk 1745109vl A -1 4ROSEMOUNT ADMINISTRATION CITY OF ROSEMOUNT NOTICE OF A PUBLIC HEARING ON A PROPOSAL TO ADOPT A CAPTIAL IMPROVEMENT PLAN AND THE ISSUANCE OF GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS TO WHOM IT MAY CONCERN: NOTICE IS HEREBY GIVEN, that the Council of the City of Rosemount, Minnesota will meet on April 5, 2005 at 7 30 p m in the Council Chambers at the City Hall, 2875 145 Street West, Rosemount, Minnesota, for the purpose of conducting a public hearing on a proposal to adopt a capital improvement plan and approve the issuance of general obligation capital improvement plan bonds in the principal amount not to exceed $2,630,000. All persons interested may appear and be heard at the time and place set forth above If a petition requesting a vote on the issuance of the bonds Is signed by voters equal to five percent of the votes cast In the City in the last general election and is filed with the City within thirty days after the public hearing, the bonds may only be issued upon obtaining the approval of the majority of the voters voting on the question of issuing the bonds Individuals unable to attend the public hearing can make written comment by writing to Linda Jentink, City Clerk, City Hall, 2875 145 Street West, Rosemount, Minnesota 55068 Written comments must be received prior to the public hearing Dated this 15th day of March, 2005 BY ORDER OF THE ROSEMOUNT CITY COUNCIL Linda J Jentmk, City Clerk City of Rosemount Dakota County, Minnesota Auxiliary aids and services are available Please contact the City Clerk at (651)322 -2003, or TDD NO (651) 423 -6219, to make a request one week prior to the meeting Examples of auxiliary aids or services may include sign language interpreter, assistive listening kit, accessible meeting location, etc SPIRIT OF PRIDE AND PROGRESS Rosemount City Hall 2875 145th Street West Rosemount, MN 55068 -4$97 651- 423 -4411 TDD /TTY 651- 423 -6219 Fax 651- 423 -4424 www a rosemount mn us