10-34EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL
CITY OF OTSEGO MINNESOTA
HELD: September 13, 2010
Pursuant to due call and notice thereof, a regular or special meeting of the City Council of
the City of Otsego, Minnesota, was duly called and held at the City Hall in Otsego, Minnesota on
September 13, 2010, at 6:30 p.m. for the purpose, in part, of giving preliminary approval to the
issuance of general obligation capital improvement plan bonds and adopting the capital
improvement plan.
The following members were present:
and the following were absent:
Member Scharber introduced the following resolution and moved its adoption:
RESOLUTION 2010-34
RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF GENERAL
OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN AMOUNT NOT TO
EXCEED $3,750,000 AND ADOPTING THE CITY OF OTSEGO, MINNESOTA, CAPITAL
IMPROVEMENT PLAN FOR THE YEARS 2010 THROUGH 2014
A. WHEREAS, the City Council of the City of Otsego, Minnesota (the "City")
proposes to issue its general obligation capital improvement plan bonds (the "Bonds") and adopt
the City of Otsego, Minnesota, Capital Improvement Plan for the Years 2010 Through 2014 (the
"Plan"); and
B. 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
C. 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
D. WHEREAS, in approving the Plan, the City Council considered for each project and
for the overall Plan:
1. The condition of the City's existing infrastructure, including the projected
need for repair and replacement;
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
2646416v1
8. Alternatives for providing services more efficiently through shared facilities
with other local governmental units; and
E. WHEREAS, the City Council has determined that the issuance of general obligation
capital improvement plan bonds in the aggregate principal amount of $3,750,000 is the best way to
finance those portions of Plan eligible under Minnesota Statutes, Section 475.521.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Otsego,
Minnesota, that the City hereby adopts the Plan and authorizes the issuance of up to $3,750,000
aggregate principal amount of general obligation capital improvement plan bonds.
The motion for the adoption of the foregoing resolution was duly seconded by member
Heidner and, after full discussion thereof and upon a vote being taken thereon, the following voted
in favor thereof Mayor Stockamp Councilmembers• Scharber, Heidner, Darkenwald & Schroeder
and the following voted against the same: None.
whereupon the resolution was declared duly passed and adopted.
[Bonds must be approved by at least a three-fifths vote of the membership.]
[Issuance of Bonds is subject to a 30 -day reverse referendum after the public hearing.]
0)
26464161
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF OTSEGO
I, the undersigned, being duly qualified and acting Clerk of the City of Otsego, Minnesota,
do hereby certify that I have carefully compared the attached and foregoing extract of minutes with
the original minutes of a meeting of the City Council, duly called and held on the date therein
indicated, which are on file and of record in my office, and the same is a full, true and complete
transcript therefrom insofar as the same relates to a resolution giving preliminary approval to the
issuance of the City's general obligation capital improvement plan bonds and adopting the City's
capital improvement plan therefor.
WITNESS my hand on September 13, 2010.
AX1at1-y\&tL
City Clerk
3
2646416v1