DEPARTMENT: Finance
FILE TYPE: Regular Action
TITLE
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Authorization Of Issuance And Sale Of General Obligation Capital Improvement Plan Bonds, Series 2025A
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PURPOSE/ACTION REQUESTED
Authorize the issuance and calling for the sale of General Obligation Capital Improvement Plan (CIP) Bonds, Series 2025A
SUMMARY
On January 7, 2025, the County Board held a hearing on the CIP to receive public comments on the County's intent to issue general obligation bonds (Bonds) for the construction of a Lebanon Hills Maintenance Facility and improvements to the Wentworth and Burnhaven libraries. Following the public hearing, the County Board approved the CIP.
Pursuant to Minn. Stat., Chapter 373, the County could not issue the Bonds until the completion of a 30-day reverse referendum period. If during that period it received a qualified petition, the Bonds could only be issued following approval by referendum. The County completed the reverse referendum period without a qualified petition and may now move forward with issuing the Bonds.
To continue the bond issuance process, the County Board must call for the sale of bonds, which authorizes County staff, along with the municipal advisor and bond counsel, to prepare for the sale of the Bonds and accept bids on May 5, 2025. The County Board would then consider awarding the sale of bonds at its meeting on May 6, 2025.
RECOMMENDATION
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Staff recommend authorizing the issuance and calling for the sale of General Obligation Capital Improvement Plan (CIP) Bonds, Series 2025A
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EXPLANATION OF FISCAL/FTE IMPACTS
The principal and interest payments will be approximately $3.25M annually. The County will pay debt service on the Bonds with ad valorem property tax revenues. This amount will be included in the 2026 County Manager’s Recommended Budget.
☐ None ☐ Current budget ☒ Other
☐ Amendment Requested ☐ New FTE(s) requested
RESOLUTION
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BE IT RESOLVED, That the Dakota County Board of Commissioners (Board) of Dakota County, Minnesota (County), hereby approves as follows:
SECTION 1. PURPOSE. On January 7, 2025, this Board held a public hearing on the adoption of the County’s 2025-2029 Capital Improvement Plan (the “Plan”) and the question of issuing General Obligation Capital Improvement Plan Bonds pursuant to Minnesota Statutes, Section 373.40 (as hereinafter described, the “Bonds”), and approved the issuance of the Bonds in an amount not to exceed $38,240,000 for the purpose of financing construction of projects described in the Plan (the “Project”), after notice duly published as required by said section. No petition requesting a vote on the question of adopting the Plan or issuing the Bonds was filed within 30 days of January 7, 2025. It is hereby determined to be in the best interests of the County to issue the Bonds for the purpose of financing various improvements described in the Plan (collectively, the “Project”).
SECTION 2. METHOD OF SALE. The County has retained Ehlers & Associates, Inc., in Roseville, Minnesota (“Ehlers”), as its independent municipal advisor for the Bonds in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9), and the County hereby authorizes Ehlers to assist the County in a competitive the sale of the Bonds.
SECTION 3. SALE MEETING. This Board shall meet at approximately 9:00 a.m. on May 6, 2025, or on any such other date and at any such other time as this Board shall deem appropriate, for the purpose of considering competitive bids for the purchase of the Bonds and of taking such action thereon as may be in the best interests of the County.
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BE IT FURTHER RESOLVED, That this resolution shall be in full force and effect from and after its passage.
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PREVIOUS BOARD ACTION
25-004; 1/7/25
ATTACHMENTS
Attachment: PreSaleReport.DakotaCo.2025A
Attachment: Presentation Slides
BOARD GOALS
☐ Thriving People ☐ A Healthy Environment with Quality Natural Resources
☐ A Successful Place for Business and Jobs ☒ Excellence in Public Service
CONTACT
Department Head: Paul Sikorski
Author: Leng Vang