| | | | | | | | Board Action Request
22-0149
|
| |
| | | | | | | | Item Description:
Establish a public hearing on Tuesday, May 24, 2022 at 1:30 pm during the County Administration, Libraries and Budget Committee for the purpose of issuing debt under the county’s 2022-2026 Capital Improvement Program. |
| |
| | | | | | | | Resolution:
BE IT RESOLVED, pursuant to Minnesota Statutes, Section 373.40, subdivision 2(b) the County Administration, Libraries and Budget Committee shall conduct a public hearing on Tuesday, May 24, 2022, at 1:30 p.m., or as soon as therefore practicable, on the proposed issuance of up to $250,000,000 in aggregate principal amount of general obligation debt of the county for the purpose of financing capital improvements that are included in the county’s 2022-2026 Capital Improvement Program. Staff is authorized to cause notice of the hearing, substantially in the form presented to this board, at least once, not less than 14 days nor more than 28 days prior to the hearing, in the official newspaper of the county. |
| |
| | | | | | | | Background:
Minnesota Statutes, Section 373.40, requires the county to conduct a public hearing prior to issuing debt under this particular capital improvement bonding authority. It is anticipated that the county could issue one or more series of general obligation bonds during the next 12-month period based upon this public hearing.
Following this hearing, staff will prepare a separate Board Action Request asking for authority to issue one or more specific series of bonds. Final decisions on sizing, structure and timing of the issuance of any debt will depend upon the progress and cash flow requirements of capital projects to be financed. Staff will work with PFM Financial Advisors, LLC, the county’s contracted municipal advisor, to determine the timing and structure of debt issuance.
The issuance of bonds to fund approved capital projects supports the County’s disparity reduction efforts across all domains by developing and improving infrastructure investments that may be utilized by all residents. | |
| | | | | | | | | Recommendation from County Administrator: Recommend Approval | |
|