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RESOLUTION 8745 <br /> CITY OF MOUNDS VIEW <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> A RESOLUTION AWARDING THE SALE OF $6,000,000 <br /> GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2017A <br /> FIXING THEIR FORM AND SPECIFICATIONS; <br /> DIRECTING THEIR EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR THEIR PAYMENT <br /> BE IT RESOLVED By the City Council of the City of Mounds View, Ramsey County, <br /> Minnesota(the "City") as follows: <br /> Section 1. Background. <br /> 1.01. Statutory Authorization. The City is authorized by Minnesota Statutes, Chapter <br /> 475, including without limitation, Section 475.521 (the "Act") to finance certain capital <br /> improvements under an approved capital improvement plan by the issuance of general obligation <br /> bonds of the City payable from ad valorem taxes. Capital improvements include acquisition or <br /> betterment of public lands, buildings or other improvements for the purpose of a city hall, library, <br /> public safety facility and public works facilities (excluding light rail transit or any activity related <br /> to it, or a park, road,bridge, administrative building other than a city hall, or land for any of those <br /> activities). <br /> 1.02. Capital Improvement Plan Authorizing Issuance of Bonds. On November 14,2016 <br /> the City held a public hearing regarding a five year capital improvement plan (the "Plan"), and <br /> regarding issuance of bonds in the maximum principal amount of$7,500,000 to finance planned <br /> capital improvements, all in accordance with the Act. The Plan authorizes issuance of bonds to <br /> pay the cost of certain capital improvements identified in the capital improvement plan, including <br /> but not limited to the acquisition and construction of a public works facility(the"Improvements"). <br /> 1.03. No Petition for a Referendum Received. The City Council has determined that no <br /> petition for a referendum on issuance of bonds pursuant to the Plan was received by the City within <br /> 30 days after the hearing in accordance with the Act. <br /> 1.04. Estimated Total Cost of Capital Improvements. The City estimates that the total <br /> cost of the Improvements is approximately $6,000,000, including capitalized interest, costs of <br /> issuance and bond discount. <br /> 496797v2 JSB MU210-244 2 <br />