HomeMy WebLinkAbout10-057 CIP 2011-2015
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 10-057
A RESOLUTION APPROVING THE 2011-2015 CAPITAL IMPROVEMENT PROGRAM
Motion By:
Hedberg
Second By: Millar
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
The CIP is a flexible planning document that attempts to balance the financial resources
of the City with its needs; and
It is intended for the CIP to be established for a period of five (5) years and to be updated
annually; and
On June 7,2010, the City Council of Prior Lake conducted a Public Hearing on the 2011-
2015 CIP and offered opportunity for public testimony on the capital spending priorities of
the City Council; and
The City reasonably expects to reimburse the expenditures made for certain costs of the
projects included in the CIP from the proceeds of bonds.
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 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).
3. The 2011-2015 Capital Improvement Program is hereby approved.
4. 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 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,
5. 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:
M:\COUNCILIResolutiol1s\201 0\1 0-057 CIP 2011-2015.doc
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.
6. 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.
7. This Declaration is intended to constitute a Declaration of the Official Intent for the purposes of the
Reimbursement Regulations.
PASSED AND ADOPTED THIS 21st DAY OF JUNE, 2010.
YES NO
M ser x M ser
Erickson x Erickson
Hedber Hedber
Keene Keene
Millar Millar
Frank Boyles, .
M\COUNCIL\Resolutions\201 0\1 0-057 CIP 2011-2015.doc
2