Notice of Public Hearings – CITY OF BLOOMINGTON

NOTICE OF

PUBLIC HEARING BY THE CITY COUNCIL

Notice is hereby given that the Bloomington City Council will hold a public hearing on Monday, July 24, 2017 at 7:00 p.m. in the Council Chambers at Bloomington Civic Plaza, 1800 West Old Shakopee Road, Bloomington, Minnesota, 55431, to consider an Ordinance amending Bloomington City Charter, Chapter 7, Section 7.17, relating to taxation and finance, so as to read:

ORDINANCE NO. 2017- _

AN ORDINANCE AMENDING CHAPTER 7 OF THE CITY CHARTER RELATING TO TAXATION AND FINANCE

The City Council of the City of Bloomington, Minnesota does hereby ordain:

Section 1. That Chapter 7, Section 7.17, of the City Charter is amended by deleting those words struck through and contained in brackets [ ] and by adding those words that are underlined, to read as follows:

7.17 GENERAL OBLIGATION CHARTER BONDS AND LIMITATION ON NET DEBT OBLIGATIONS.

Subdivision 1. By a vote of five (5) of its members, the council can adopt a resolution to authorize the issuance of general obligation charter bonds that pledge the full faith and credit and taxing powers of the city. The general obligation charter bonds can be issued on such terms and conditions the council determines, without obtaining the approval of a majority of the electors voting on the question of issuing such general obligation charter bonds. The city can pledge to the payment of the general obligation charter bonds any other available revenues or assets of the city. The general obligation charter bonds can be issued for a public purpose to finance any capital improvement and related costs including, but not limited to, interest on the bonds, the costs of feasibility studies, design, and plans and specifications; publication costs; costs of issuance; and other capital costs of any capital improvement. The general obligation charter bonds shall not be issued for at least thirty (30) days after the publication in the official newspaper of the city of the council resolution determining to issue such bonds; and, if before the expiration of such thirty (30) days, a petition requesting an election on the proposition to issue such bonds is filed with the city clerk and such petition is signed by registered voters of the city equal to the lesser of five percent (5%) of the registered voters of the city as of the last general election, or 2,000 registered voters, then the city may not issue such general obligation charter bonds until the proposition has been approved by a majority of the votes cast on the question at a regular or special election.

Subdivision 2. No general obligation charter bonds issued under this Section 7.17 or other obligations subject to the net debt limit imposed by Minnesota Statutes, Chapter 475, as amended (or any successor statutes), may be issued by the city if the principal amount of such general obligation bonds, when added to the outstanding principal amount of all other general obligation charter bonds and general obligation net debt bonds, shall exceed one percent (1%) of the estimated market value of taxable property in the city as of the date such general obligation charter bonds or general obligation net debt bonds are proposed to be issued by the city. The provisions of this subdivision 2 do not apply to net debt bonds that have obtained the approval of a majority of the electors voting on the question of issuing the net debt bonds. The outstanding principal amount of net debt bonds that obtained the approval of a majority of the electors voting on the question of issuing the net debt bonds are not included in determining whether the one percent (1%) limit will be exceeded. [ 7.17 GENERAL OBLIGATION BONDS.

By a vote of 5 of its members, the council can adopt a resolution to authorize the issuance of general obligation bonds that pledge the full faith and credit and taxing powers of the city. The general obligation bonds can be issued on such terms and conditions the council determines, without obtaining the approval of a majority of the electors voting on the question of issuing such general obligation bonds. The city can pledge to the payment of the general obligation bonds any other available revenues or assets of the city. The general obligation bonds can be issued for a public purpose to finance any capital improvement and related costs including, but not limited to, interest on the bonds, the costs of feasibility studies, design, and plans and specifications; publication costs; costs of issuance; and other capital costs of any capital improvement. The general obligation bonds shall not be issued for at least 30 days after the publication in the official newspaper of the city of the council resolution determining to issue such bonds; and, if before the expiration of such 30 days, a petition requesting an election on the proposition to issue such bonds is filed with the city clerk and such petition is signed by registered voters of the city equal to the lesser of 5 percent of the registered voters of the city as of the last general election, or 2,000 registered voters, then the city may not issue such general obligation bonds until the proposition has been approved by a majority of the votes cast on the question at a regular or special election. This Section 7.17 shall not apply to any general obligation bonds proposed to be issued by the city if the principal amount of such bonds, when added to the other outstanding general obligation bonds that constitute net debt of the city, within the meaning of Minnesota Statutes, Section 475.51, as amended (or any successor statute), shall exceed 1 percent of the estimated market value of taxable property in the city as of the date such general obligation bonds are proposed to be issued by the city.]

A full copy of the proposed ordinance is also available online at http://blm.mn/notices. For more information or to submit comments prior to the public hearing, call 952-563-8753.

Published in the

Bloomington Sun Current

July 13, 2017

709141

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