HomeMy WebLinkAbout09-100 2010-2014 CIPO~-~PRI~~r =.
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RESOLUTION 09-100
A RESOLUTION APPROVING THE 2010-2014 CAPITAL IMPROVEMENT PROGRAM
Motion By: LeMair
Second By: Millar
WHEREAS The purpose of the Capital Improvement Program(CIP) is to protect the infrastructure
of the City of Prior Lake by establishing a replacement plan for existing infrastructure
and by identifying those improvements necessary to accommodate the growth of the
community ;and
WHEREAS, Transit Projects have been added to the CIP for planning purposes; and
WHEREAS, The CIP is a flexible planning document that attempts to balance the financial
resources of the City with its needs; and
WHEREAS, The establishment of a CIP will provide appropriate information to manage capital
change within the City of Prior Lake; and
WHEREAS, It is intended for the CIP to be established for a period of five (5) years and to be
updated annually; and
WHEREAS, On June 1, 2009, the City Council of Prior Lake conducted an informational hearing on
the 2010 CIP and offered opportunity for public testimony on the capital spending
priorities of the City Council; and
WHEREAS, On June 15, 2009, City Council had directed staff to make certain changes to the
Transportation Plan which have been incorporated into the CIP; and
WHEREAS, The City reasonably expects to reimburse the expenditures made for certain costs of
the projects included in the CIP from the proceeds of bonds; and
WHEREAS, The City has determined to make a declaration of official intent ("Declaration") to
reimburse certain estimated costs for projects included in the CIP from proceeds of
bonds in accordance with the Internal Revenue Service Reimbursement Regulations
(Treasury Reg. 1.150-2).
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The 2010-2014 Capital Improvement Program is hereby approved.
3. The City may declare other separate statements of reimbursement intent in connection with
specific public improvements projects as they are initiated under Minnesota Statutes Chapters
429 and 444, or for other capital projects, with the understanding that such additional
declarations of reimbursement intent will supplement this resolution. All reimbursed
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expenditures will be capital expenditures, costs of issuance of the bonds, or other expenditures
eligible for reimbursement under Section 1.150-2(d)(3) of the Reimbursement Regulations.
4. This Declaration has been made no later than 60 days after payment of any original
expenditure to be subject to a reimbursement allocation with respect to the proceeds of bonds,
except for the following expenditures:
a. costs of issuance of bonds;
b. costs in an amount not in excess of $100,000 or five percent of the proceeds of an
issue; or
c. "preliminary expenditures" up to an amount not in excess of 20 percent of the
aggregate issue price of the issue or issues that are reasonably expected by the City to
finance the project for which the preliminary expenditures were incurred.
The term "preliminary expenditures" includes architectural, engineering, surveying, bond
issuance, and similar costs that are incurred prior to commencement of acquisition,
construction or rehabilitation of a project other than land acquisition, site preparation, and
similar costs incident to the commencement of construction.
5. This Declaration is an expression of the reasonable expectations of the City based on the facts
and circumstances known to the City as the date hereof. The anticipated original expenditures
for the Projects and the principal amount of the bonds are consistent with the City's budgetary
and financial circumstances. No sources other than proceeds of bonds to be issued by the City
are, or are reasonably expected to be, reserved, allocated on a long term basis, or otherwise
set aside pursuant to the City's budget or financial policies to pay such Project expenditures.
6. This Declaration is intended to constitute a declaration of the official intent for the purposes of
the Reimbursement Regulations.
PASSED AND ADOPTED THIS 20th DAY OF JULY 2009.
YES NO
Hau en X Hau en
Erickson X Erickson
Hedber X Hedber
LeMair X LeMair
Millar X Millar
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Frank B y e , Ci anager
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