12-18-2013 Council Agenda - Laserfiche WebLink

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APPENDIX C Pre -Sale Schedule dated November 21, 2013 5 -Year City Capital Improvement Plan Bond Issuance City of Little Canada, Minnesota The City Council must take the following actions before Bonds can be issued: • City Council directs preparation of a 5 -Year Capital Improvement Plan. • City Council conducts a Public Hearing on issuance of Bonds and Capital Improvement Plan. • City Council approves Bonds and Capital Improvement Plan by at least a 3 /5ths vote of the governing body membership, The table below lists the steps in the issuing process: Nov. 25 City Council adopts Resolution calling for Public Hearing on issuance of Bonds and on Capital Improvement Plan. Dec. 3 Publish Notice of Public Hearing on issuance of Bonds and on Capital Improvement Plan (publication no more than 28 days and no less than 14 days prior to hearing date), Additionally, notice may be posted on the City's official web site, if any. Dec. 18 @ 7p City Council holds Public Hearing on Bonds and on Capital Improvement Plan and adopts Resolution giving preliminary approval for their issuance and approving Capital Improvement Plan by at least a 3 /5ths vote of the governing body membership. Jan. 18, 2014 Reverse referendum period ends (within 30 days of the public hearing). Feb. /Mar, 2014 City Council sells Bonds Multiply by .16% 0.0016 Net Debt Limit Annual Levy Limit Assessor's Taxable Market Value 794,711,000 Assessor's Taxable Market Value 794,711,000 Multiply by 3% 0.03 Multiply by .16% 0.0016 Statutory Debt Limit 23,841,330 Statutory Levy Limit 1,271,538 Less: Debt Paid Solely from Taxes (2,570,000) Less: Annual Levy under GIP (190,065) Unused Debt Limit 21,271,330 Unused Levy Limit 1,081,473 Ehlers & Associates, Inc. 20 Page 13