RES 2023-90 Bonding - Capital Improvement Plan (Res) 1
EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE
CITY OF OTSEGO, MINNESOTA
HELD: DECEMBER 11, 2023
Pursuant to due call and notice thereof, a meeting of the City Council of the City of Otsego,
Minnesota, was duly called and held at the Otsego Prairie Center located at 8899 Nashua Avenue
Northeast in the City of Otsego, Minnesota, on Monday, the 11th day of December 2023, at 5:30
o’clock p.m.
The following members were present:
and the following were absent:
Council Member _____________ introduced the following resolution and moved its adoption:
CITY OF OTSEGO, MINNESOTA
RESOLUTION NO. 2023-90
RESOLUTION ADOPTING A CAPITAL IMPROVEMENT
PLAN AND PROVIDING PRELIMINARY APPROVAL FOR
THE ISSUANCE OF BONDS THEREUNDER
WHEREAS, pursuant to Minnesota Statutes, Section 475.521 (the “Act”), cities are
authorized to adopt a capital improvement plan and carry out programs for the financing of capital
improvements; and
WHEREAS, the City of Otsego, Minnesota (the “City”), has caused to be prepared a Capital
Improvement Plan for the years 2024 through 2028 (the “Plan”); and
WHEREAS, on the date hereof, the City Council of the City (the “Council”) has conducted
a duly noticed public hearing regarding adoption of the Plan pursuant to the requirements of the Act
and the issuance of general obligation bonds thereunder in a maximum principal amount of
$34,000,000; and
WHEREAS, in considering the Plan, the Board has considered:
1. the condition of the City’s existing infrastructure, including the projected
need for repair and replacement;
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2. the likely demand for the improvement;
3. the estimated cost of the improvement;
4. the available public resources;
5. the level of overlapping debt in the City;
6. the relative benefits and costs of alternative uses of the funds;
7. operating costs of the proposed improvements; and
8. alternatives for providing services more efficiently through shared
facilities with other local government units.
BE IT RESOLVED by the City Council of the City of Otsego, Minnesota (the “City”), as
follows:
1. The Plan is hereby approved.
2. City staff are hereby authorized to do all other things and take all other actions as may
be necessary or appropriate to carry out the Plan in accordance with any applicable laws
and regulations.
3. The City gives preliminary approval to the issuance of the bonds in the maximum
principal amount of $34,000,000, provided that if a petition requesting a vote on
issuance of the bonds, signed by voters equal to five percent of the votes cast in the last
general municipal election, is filed with City Clerk by January 10, 2024, the City may
issue the bonds only after obtaining approval of a majority of voters voting on the
question at an election.
4. The City Council declares its official intent to reimburse itself for the costs of the capital
improvements from the proceeds of tax-exempt bonds in an amount not to exceed
$34,000,000.
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member ________ and, upon a vote being taken thereon after full discussi on thereof, the
following voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Adopted this 11th day of December, 2023.
_________________________________
Mayor
____________________________________
City Clerk
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STATE OF MINNESOTA )
) SS
COUNTY OF WRIGHT )
I, the undersigned, being the duly qualified and acting City Clerk of the City of Otsego,
Minnesota (the “City”), by reason of my office as City Clerk, DO HEREBY CERTIFY that I
have compared the attached and foregoing extract of minutes with the original thereof on file
in my office, and that the same is a full, true and complete transcript of the minutes of a
meeting of the City Council of the City of Otsego, Minnesota, duly called and held on the
date therein indicated, insofar as such minutes relate to approving Capital Improvement Plan
and providing preliminary approval for the issuance of bonds thereunder.
WITNESS my hand this ___ day of _______________, 2023.
__________________________________
City Clerk