HomeMy WebLinkAbout6.i. 2023-2027 Capital Improvement Plan Bonds
EXECUTIVE SUMMARY
City Council Regular Meeting: April 4, 2023
AGENDA ITEM: 2023-2027 Capital Improvement Plan
Bonds
AGENDA SECTION:
Consent
PREPARED BY: Teah Malecha, Finance Director AGENDA NO. 6.i.
ATTACHMENTS: Resolution APPROVED BY: LJM
RECOMMENDED ACTION: Motion to adopt a resolution calling for a public hearing on the
intent to issue bonds
BACKGROUND
The City has been planning to construct a new Public Works and Police campus for several years. The
project requires the City to issue bonds. Our municipal advisor, Doug Green, from Baker Tilly attended the
February 7th work session to provide information on the bond process and structuring. At the March 21st
meeting, Council received bids and awarded contracts for Bid Package No. 1. The second bid package will
be received May 4th. If construction moves forward as planned, the City will need bond proceeds by July to
begin paying contractor invoices. The proceeds will also be used to reimburse the City for current
engineering expenditures.
As part of the bonding process outlined in state statutes, the City Council must adopt a Capital Improvement
Plan (CIP) and hold a public hearing. The CIP will be included with the public hearing on May 2nd, 2023.
RECOMMENDATION
Staff recommends the City Council adopt the attached Resolution Calling Public Hearing on the Intention
to Issue General Obligation Capital Improvement Bonds and the Proposal to Adopt a Capital Improvement
Plan for 2023 through 2027 under Minnesota Statutes, Section 475.521.
RESOLUTION 2023-___
1
RS125-26-865364.v1
City of Rosemount
Dakota County, Minnesota
Resolution 2023-__
RESOLUTION CALLING PUBLIC HEARING ON
THE INTENTION TO ISSUE GENERAL OBLIGATION CAPITAL
IMPROVEMENT PLAN BONDS AND THE PROPOSAL TO
ADOPT A CAPITAL IMPROVEMENT PLAN FOR 2023 THROUGH 2027
UNDER MINNESOTA STATUTES, SECTION 475.521
WHEREAS, pursuant to Minnesota Statutes, Section 475.521 the City of Rosemount,
Minnesota (the “City”) is authorized to issue bonds to finance capital expenditures under an approved
capital improvement plan (the “Plan”) without an election, provided that, among other things, prior to
issuing the bonds the City adopts the Plan after a duly noticed public hearing thereon; and
WHEREAS, the City Council proposes to hold a public hearing on its intention to issue general
obligation capital improvement plan bonds (the “Bonds”) and to adopt the Plan therefor pursuant
thereto on May 2, 2023; 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 the Plan and its intent to issue the
Bonds to finance capital expenditures under the Plan, to be held on the date and times set forth in
Exhibit A attached hereto. The City Clerk is hereby directed to cause the notice to be published at least
14 but not more than 28 days before the hearing in the official newspaper of the City or a newspaper of
general circulation in the City.
ADOPTED this 4th day of April, 2023.
_______________________________________
Jeffery D. Weisensel, Mayor
ATTEST:
Erin Fasbender, City Clerk
RESOLUTION 2023-___
A-1
RS125-26-865364.v1
EXHIBIT A
NOTICE OF PUBLIC HEARING
CITY OF ROSEMOUNT, MINNESOTA
FIVE-YEAR CAPITAL IMPROVEMENT PLAN
AND NOTICE OF INTENTION TO ISSUE
CAPITAL IMPROVEMENT BONDS
NOTICE IS HEREBY GIVEN that the City Council of the City of Rosemount, Minnesota (the
“City”) will meet on Tuesday, May 2, 2023, at or after 7:00 p.m., at the City Hall in Rosemount, Minnesota,
in part to hold a public hearing concerning (1) a proposal to adopt a capital improvement plan for 2023
through 2027 pursuant to Minnesota Statutes, Section 475.521 (the “Plan”); and (2) the intention to issue
general obligation bonds (the “Bonds”) in an amount not to exceed $65,000,000 (in addition to amounts
issued to finance other capital improvements under the Plan) to finance a portion of the capital
improvements set forth in the Plan consisting of capital improvements related to a new police and public
works facility in the City.
All interested persons may appear and be heard at the public hearing either orally or in writing,
or may file written comments with the City Clerk before the hearing.
If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to 5% of the
votes cast in the City in the last general election, is filed with the City Clerk within 30 days after the public
hearing (i.e., by June 1, 2023), the City may issue Bonds under Minnesota Statutes, Section 475.521 only
after obtaining approval of a majority of voters voting on the question at an election.
A copy of the Plan is available for inspection in the City Clerk’s Office, City Hall, 2875 145th St.
W, Rosemount, Minnesota. Question or comments may be directed to the City Hall Phone at 651-322-
2003.
All interested persons may appear and be heard at the public hearing either orally or in writing, or
may file written comments with the City Clerk before the hearing.
BY ORDER OF THE CITY COUNCIL OF
OF THE CITY OF ROSEMOUNT