HomeMy WebLinkAbout2013-07-17 PACKET 04.F.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM # ��
DATE 07/17/13 . �
PREPARED BY Finance Robin Roland
ORIGINATING DEPARTMENT DEPARTMENT HEAD
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COUNCIL ACTION REQUEST
The public hearing for the issuance of General Obligation Capital Improvement Plan bonds
was called for July 17, 2013. Required publication of the notice did not occur in the time frame
required and therefore a subsequent date for the public hearing must be chosen. The date
change can be achieved by Council motion.
STAFF RECOMMENDATION
Adopt a motion to hold the required public hearing for the issuance of Capital Improvement
Plan bonds on August 14, 2013
BUDGET IMPLICATION: N/A
BUDGETED AMOUNT
ADVISORY COMMISSION ACTION:
❑ PLANNING
❑ PUBLIC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAN SERVICES/RIGHTS
❑ ECONOMIC DEV. AUTHORITY
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SUPPORTING DOCUMENTS
DATE
REVIEWED
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N/A
ACTUAL AMOUNT
APPROVED
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❑ MEMO/LETTER:
❑ RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
� OTHER: Revised schedule
City Administrator
ADMINISTRATORS COMMENTS
DENIED
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H:\Council itemslCC Action Form.doc
P�e-Sale Schedule dated July17, 2013
5-Year City Cnpitnl Imp�ovement Pl�cn Bond Issuance
City of Cottage G�ove, 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 3lSths vote of the governing body
membership.
The table below lists the steps in the issuing process:
6/19/13 City Council adopts Resolution calling for Public Hearing on issuance of Bonds and on Capital
Improvement Plan.
7/10/13 Close date to get Notice of Public Hearing on issuance of Bonds and on Capital Improvement Plan to
official newspaper for publication.
7/17/13 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.
8l14/13 @7:30 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/Sths vote of the goveining body membership.
8/14/13 City Council provides for sale of Bonds.
9/13/13 Reverse referendum period ends (within 30 days of the public hearing).
10(2/13 City Council accepts bid for Bonds and adopts Resolution-Approving sale of Bonds.
11/6/13 Tentative closing/receipt of funds.
Net Debt Limit Annual Levy Limit
Assessor's Taxable Market Value 2,277,900,700 Assessor's Taxable Market Value 2,277,900,700
Multiply by 3% 0.03 Multiply by .16% 0.0016
Statutory Debt Limit 68,337,021 Statutory Levy Limit 3,644,641
Less: Debt Paid Solely from Taxes (5,615,000) Less: Annual Levy under CIP (500,000)
Unused Debt Limit 62,722,021 Unused Levy Limit 3,144,641
Ehlers & Associates, Inc.