City Council Resolution 2018-72CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 2018-72
ADOPTING A CAPITAL IMPROVEMENT PLAN AND
PROVIDING PRELIMINARY APPROVAL FOR THE
ISSUANCE OF BONDS THEREUNDER
WHEREAS, pursuant to Minnesota Statutes, Section 475.521 (the "Act"), cities are
authorized to adopt a capital improvement plan and carry out programs for the financing of capital
improvements; and
WHEREAS, the City of Monticello, Minnesota (the "City"), has caused to be prepared a
Capital Improvement Plan for the years 2018 through 2023 (the "Plan"); and
WHEREAS, on the date hereof, the City Council of the City (the "Council") has conducted
a duly noticed public hearing regarding adoption of the Plan pursuant to the requirements of the Act
and the issuance of general obligation bonds thereunder in a maximum principal amount of
$5,600,000; and
WHEREAS, in considering the Plan, the Council has considered:
1. the condition of the City's existing infrastructure, including the projected
need for repair and replacement;
2. the likely demand for the improvement;
3. the estimated cost of the improvement;
4. the available public resources;
5. the level of overlapping debt in the City;
6. the relative benefits and costs of alternative uses of the funds;
7. operating costs of the proposed improvements; and
8. alternatives for providing services more efficiently through shared
facilities with other local government units.
BE IT RESOLVED by the City Council of the City of Monticello, Wright County,
Minnesota (the "City"), as follows:
1. The Plan is hereby approved.
2. City staff are hereby authorized to do all other things and take all other actions as
may be necessary or appropriate to carry out the Plan in accordance with any applicable laws and
regulations.
3. The City gives preliminary approval to the issuance of the bonds in the maximum
principal amount of $5,600,000, provided that if a petition requesting a vote on issuance of the
bonds, signed by voters equal to five percent of the votes cast in the last general election, is filed
532390A MNI MN190-158
with City Clerk by September 12, 2018, the City may issue the bonds only after obtaining approval
of a majority of voters voting on the question at an election.
Adopted this 13th day of August, 2018.
Mayor
'ty ClerU 0
532390v1 MNI MN190-158
CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 2018-72
ADOPTING A CAPITAL IMPROVEMENT PLAN AND
PROVIDING PRELIMINARY APPROVAL FOR THE
ISSUANCE OF BONDS THEREUNDER
WHEREAS, pursuant to Minnesota Statutes, Section 475.521 (the "Act"), cities are
authorized to adopt a capital improvement plan and carry out programs for the financing of capital
improvements; and
WHEREAS, the City of Monticello, Minnesota (the "City"), has caused to be prepared a
Capital Improvement Plan for the years 2018 through 2023 (the "Plan"); and
WHEREAS, on the date hereof, the City Council of the City (the "Council") has conducted
a duly noticed public hearing regarding adoption of the Plan pursuant to the requirements of the Act
and the issuance of general obligation bonds thereunder in a maximum principal amount of
$5,600,000; and
WHEREAS, in considering the Plan, the Council has considered:
1. the condition of the City's existing infrastructure, including the projected
need for repair and replacement;
2. the likely demand for the improvement;
3. the estimated cost of the improvement;
4. the available public resources;
5. the level of overlapping debt in the City;
6. the relative benefits and costs of alternative uses of the funds;
7. operating costs of the proposed improvements; and
8. alternatives for providing services more efficiently through shared
facilities with other local government units.
BE IT RESOLVED by the City Council of the City of Monticello, Wright County,
Minnesota (the "City"), as follows:
1. The Plan is hereby approved.
2. City staff are hereby authorized to do all other things and take all other actions as
may be necessary or appropriate to carry out the Plan in accordance with any applicable laws and
regulations.
3. The City gives preliminary approval to the issuance of the bonds in the maximum
principal amount of $5,600,000, provided that if a petition requesting a vote on issuance of the
bonds, signed by voters equal to five percent of the votes cast in the last general election, is filed
532390v MNI MN 190-158
with City Clerk by September 12, 2018, the City may issue the bonds only after obtaining approval
of a majority of voters voting on the question at an election.
Adopted this 13th day of August, 2018.
Mayor
C ty Cler
0-
532390vl MNI MN190-158