DEPARTMENT: Finance
FILE TYPE: Consent Action
TITLE
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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 par...
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