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HomeMy WebLinkAbout1970-055 CCR Member Theodore Willard introduced the duce e following resolution and moved its adoption: RESOLUTION NO. 70 -55 RESOLUTION SUMMARIZING EVENTS POLICIES AND EXPENDITURES FOR CAPITAL PROTECTS PROGRAM WHEREAS, the (then) Village Council of the (then) Village of Brooklyn Center did determine in 1966 that to date the Village had provided citizens with the fundamental municipal necessities of development while deferring any expanded capital improvement program until a more balanced tax base could be achieved; and WHEREAS, in recognition of the need for certain capital facilities, the Council did on May 2, 1966 establish a Capital Improvement Review Board (C.I.R. B.) to study and evaluate newly proposed capital improvement projects; and WHEREAS, on November 13, 1967 the Capital Improvement Review Board did submit to the Council its recommendations; and WHEREAS, the City Council did consider the recommendations of the Capital Improvement Review Board and did direct the City Manager to develop a financial plan to provide funds for capital improvements which were to include: 1. A Civic Center 2. Street and Fire Municipal Service Buildings 3. The Acquisition and Betterment of Parks and Playgrounds; and WHEREAS, the City Manager did develop a financial plan which provided for the financing of the capital projects from sources which were to include: 1. A General Obligation Bond Issue 2. The transfer of cash surpluses from Special Assessment Bond Redemption Funds 3. A general tax levy 4. Swimming pool revenues; and WHEREAS, the finance plan did further provide that cash surpluses from Special Assessment Bond Redemption and Swimming Pool Revenues would be used to reduce general taxation for the redemption of the general obligation bond issue after construction costs had been satisfied; and WHEREAS, the Council had sought and received legal opinions and the opinions of financial consultants as to the legality and advisability of transferring cash surpluses from the Special Assessment Bond Redemption Funds; and Resolution No. 70 -55 WHEREAS, the opinions were that the transfers would be appropriate provided that there were no obligations outstanding against the Redemption Funds, that the cash surpluses were primarily a result of interest earnings on the investing of cash surpluses of the fund, and that the transfers were to be used for general community purposes; and WHEREAS, the Council did in 1968 approve the financial plan as presented by the City Manager; and WHEREAS, on October 14, 1968, the Council did authorize the establishment of a Capital Projects Fund to provide funds and to account for the expenditure of such funds for major capital outlays; and WHEREAS, on November 5, 1968, at the City's General Election, the sale of $2,250,000 of general obligation bonds was authorized by a 68% (average on three ballot questions) majority of these voting, and said bonds were sold on June 30, 1969, and the proceeds were received by the Capital Projects Fund; and WHEREAS, in addition to the original sources of revenue contemplated in the financial plan, the Council has from time to time transferred other funds to the Capital Projects Fund to finance capital projects; and WHEREAS, on December 15, 1969 the Council did accept bids for the construction of the Municipal Fire Station and Municipal Service Garage, and on March 30, 1970 did accept bids for the construction of the Civic Center; and WHEREAS, on March 30, 1970, prior to the acceptance of bids, the City Manager did present the Council with a revised capital projects cost analysis and estimated source of revenue; and WHEREAS, it is desirable that the Council summarize its past considerations and formally confirm the financial plan and authorization for expenditures: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota to hereby confirm the expenditure authorization for capital projects consisting of Civic Center, Municipal Street Garage, Municipal Fire Station, and Acquisition and Betterment of Parks and Playgrounds in the amount of $3,073,565 and that the source of financing for said capital projects expenditures be as follows: REVENUES ALREADY REALIZED: Sale of General Obligation Bonds $2,250,000 1968 General Tax Levy collectible in 1969 200,065 1969 General Tax Levy collectible in 1970 65,178 Balance of Proceeds from sale of land to Anoka School District #11 38,654 1969 Interest earnings 70,668 Special Assessment funds cash surplus transfers 87,000 Transfer from Mayor Council's Contingency Fund 3,000 $2,714,565 $2,714,565 Resolution No. 70 -55 ESTIMATED FUTURE REVENUES: Special Assessment Funds Cash Surplus Transfers: Year 1970 4,000 Year 1971 75,000 Year 1972 61,000 Year 1973 89,000 229,000 Swimming Pool Revenue Year 1972 50,000 1970 Interest Earnings 80,000 359,000 $3,073,565 and BE IT FURTHER RESOLVED, that interest earnings of the Capital Projects Fund are hereby authorized to be expended for Capital Improvements which have been authorized by the City Council; and BE IT FURTHER RESOLVED, that the issuance of temporary improvement notes not to exceed $359, 000 by the Capital Projects Fund is hereby authorized to provide temporary financing of authorized capital projects until the estimated future revenues are realized. April 27, 1970 Date Mayor ATTEST: Clerk The motion for the adoption of the foregoing resolution was duly seconded by member John Leary and upon vote being taken thereon, the following voted in favor thereof: Philip Cohen, John Leary, Howard Heck and Theodore Willard; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.