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496797v1 JSB MU210-244 3 <br />RESOLUTION 8745 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <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 /> <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 /> <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 /> <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 /> <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 /> <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 />