DEPARTMENT: Finance
FILE TYPE: Consent Action
TITLE
title
Scheduling Of Public Hearing To Receive Comments On Capital Improvement Program (CIP) Bonds
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PURPOSE/ACTION REQUESTED
Schedule a public hearing for January 7, 2025, at 9:00 a.m., in the Boardroom at the Administration Center located in Hastings, Minnesota, to receive comments regarding Capital Improvement Program (CIP) bonds.
SUMMARY
Pursuant to Minn. Stat. § 373.40, the County Board must hold a hearing to accept public comments on a Capital Improvement Program (CIP) related to issuance of general obligation bonds. Following the public hearing, the County Board may consider adoption of the CIP, sometimes referred to as the “Bond CIP.” The adoption of the Bond CIP authorizes the County Board to issue bonds for the Lebanon Hills Maintenance Facility Project, Wentworth Library Renovation Project, and Burnhaven Library Renovation Project in an amount not to exceed $36,700,000.
The adoption of the Bond CIP does not obligate the County Board to issue the bonds. Tentatively, the County Board would consider calling for the sale of bonds at the February 11, 2025 meeting, following the conclusion of a 30-day reverse referendum period. The call for the sale of bonds must be approved by vote of at least two-thirds of the members of the County Board.
RECOMMENDATION
recommendation
Staff recommends that that County Board schedule a public hearing on January 7, 2025, at 9:00 a.m., in the Boardroom at the Administration Center located in Hastings, Minnesota, to receive comments regarding CIP bonds.
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EXPLANATION OF FISCAL/FTE IMPACTS
☒ None ☐ Current budget ☐ Other
☐ Amendment Requested ☐ New FTE(s) requested
RESOLUTION
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WHEREAS, Dakota County (County) has prepared its Five-Year Capital Improvement Program (CIP), as a multi-year guide to the construction and/or improvement of county roads, county ditches, county facilities, county parks and the acquisition of capital equipment and technology; and
WHEREAS, the CIP has been developed in accordance with the provisions of Minn. Stat. § 373.40, and (i) covers the five-year period beginning with the date of its adoption; and (ii) sets forth the estimated schedule, timing, and details of specific capital improvements by year, together with the estimated cost, the need for the improvement, and sources of revenues to pay for the improvement; and
WHEREAS, the CIP and annual amendments to the CIP are not effective until approved by the County Board of Commissioners after public hearing; and
WHEREAS, Dakota County intends to issue its capital improvement program bonds (Bonds) in an amount not to exceed $36,700,000 to finance the construction of various capital improvements, as described in the CIP, pursuant to Minn. Stat. § 373.40, including the Lebanon Hills Maintenance Facility Project, Wentworth Library Renovation Project, and Burnhaven Library Renovation Project; and
WHEREAS, the Board, following a published notice in the official county newspaper, will conduct a public hearing at 9:00 a.m. on January 7, 2025, in the Boardroom, at the Dakota County Administration Center, 1590 Highway 55, Hastings, Minnesota, to receive public comment on the CIP and the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED, That the Finance department is hereby authorized and directed to cause notice of the public hearing to be published in the official County newspaper not less than fourteen days nor more than twenty-eight days prior to the date of the hearing.
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PREVIOUS BOARD ACTION
24-525; 10/29/24
ATTACHMENTS
Attachment: None
BOARD GOALS
☐ A Great Place to Live ☐ A Healthy Environment
☐ A Successful Place for Business and Jobs ☒ Excellence in Public Service
CONTACT
Department Head: Paul Sikorski
Author: Leng Vang