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2010.06.07 RESO 2010-0022
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2010.06.07 RESO 2010-0022
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City Council
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Resolutions
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City of Hugo, MN <br />Capital Improvement Plan Amendment <br />Statutory Authority and Requirements <br />Minnesota Statutes Chapter 475-521 authorizes a Minnesota City to adopt a capital improvement <br />plan ("Plan"). The Plan must cover at least a five-year period and set forth the estimated schedule, <br />timing, cost, payment revenue source(s) and other information for each improvement included in the <br />Plan. The Plan must be approved by the City Council after a public hearing. <br />A City may issue general obligation bonds for certain improvements included in an approved Plan if <br />the following conditions are satisfied: <br />1. The City must publish notice of and conduct a public hearing on the issuance of <br />the bonds. The bonds are subject to referendum voter approval only if a petition <br />requesting a vote signed by five percent of the votes cast in the last general <br />election is received within 30 days of the hearing. <br />2. The maximum annual debt service payment on all outstanding CIP bonds does <br />not exceed 0.16 percent of the taxable market value of the City. <br />3. The issuance of bonds must be approved by at least three-fifths of the members <br />of the City Council. <br />Capital improvements to be financed with capital improvement bonds may include land acquisition <br />and building construction or improvements for the purpose of a city hall, library, public safety <br />facility and public works facility. Excluded improvements include light rail transit facilities, parks, <br />roads, bridges or land for those types of facilities. <br />History and Existing CIP Bonds <br />The City of Hugo previously adopted a capital improvement plan under authority of Minnesota <br />Statutes Chapter 475.521. In 2004 the City of Hugo issued its $2,560,000 General Obligation <br />Capital Improvement Bonds, Series 2004A. The proceeds of that issue were used to construct a <br />public works facility. At the time of the drafting of this amendment to the Plan, the City has <br />outstanding CIP Bonds of $1,840,000. The maximum annual debt service of these outstanding CIP <br />bonds is $227,118. <br />In 1998 the City of Hugo Economic Development Authority ("EDA") issued its $1,165,000 Public <br />Project Revenue Bonds, Series 1998. The proceeds of that issue were used to construct a Public <br />Safety Facility within the corporate boundaries of the city. The City of Hugo ("City") currently <br />leases that facility from the EDA. The City intends to formally acquire ownership of the Public <br />Safety Facility via the issuance of new Capital Improvement Plan bonds. <br />In 2001 the City of Hugo EDA issued its $1,870,000 Public Facility Lease Revenue Bonds, Series <br />2001. The proceeds of that issue were used to construct a City Hall Facility within the corporate <br />boundaries of the city. The City currently leases that facility from the EDA. The City intends to <br />formally acquire ownership of the City Hall Facility via the issuance of new Capital Improvement <br />Plan bonds. <br />
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