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39 CITY OF ST. ANTHONY STATE OF MINNESOTA RESOLUTION 11-070 RESOLUTION GIVING PRELIMINARY APPROVAL, TO THE ISSUANCE OF GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN AMOUNT NOT TO EXCEED $4,000,000 AND ADOPTING THE CITY OF ST. ANTHONY, MINNESOTA, CAPITAL IMPROVEMENT PLAN FOR THE YEARS 2011 THROUGH 2015 WHEREAS, the City Council of the City of St. Anthony, Minnesota (the "City") proposes to issue its general obligation capital improvement plan bonds (the "Bonds") and adopt the City of St. Anthony, Minnesota, Capital Improvement Plan for the Years 2011 Through 2015 (the "Plan"); and WHEREAS, the City has caused notice of the public hearing on the intention to issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in accordance with Minnesota Statutes, Section 475.521; and WHEREAS, a public hearing on the intention to issue the Bonds and on the proposed Plan has been held on this date, following published notice of the public hearing as required by law; and WHEREAS, in approving the Plan, the City Council considered for each project and for the overall Plan: The condition of the City's existing infrastructure, including the projected need for repair and replacement; The likely demand for the improvement; The estimated cost of the improvement; The available public resources; The level of overlapping debt in the City; The relative benefits and costs of alternative uses of the funds; Operating costs of the proposed improvements; and Alternatives for providing services more efficiently through shared facilities with other local governmental units; and WIIEREAS, the City Council has determined that the issuance of general obligation capital improvement plan bonds in the aggregate principal amount of up to $4,000,000 is the best way to finance the capital improvements identified in the Plan. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota, that the City hereby adopts the Plan and authorizes the issuance of up to $4,000,000 aggregate principal amount of general obligation capital improvement plan bonds.