HomeMy WebLinkAbout11-131 Issue CIP Bonds and Adopt Plan
EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL
CITY OF PRIOR LAKE, MINNESOTA
HELD: November 7, 2011
Pursuant to due call and notice thereof, a regular or special meeting of the City Council of
City of Prior Lake, Minnesota, was duly called and held at the City Hall in the City of Prior Lake,
Minnesota, on November 7, 2011, at 7:00 p.m. for the purpose, in part, of calling a public hearing
on the intention to issue general obligation capital improvement plan bonds and the proposal to
adopt a capital i mprovement plan therefor.
The following members were present: Mayor Myser, Council members Erickson, Hedberg,
Keeney and Soukup; and the following were absent: none.
Member Erickson introduced the following resolution and moved its adoption:
RESOLUTION 1 1 - 131 CALLING PUBLIC HEARING ON THE INTENTION TO ISSUE
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS AND THE PROPOSAL
TO ADOPT A CAPITAL IMPROVEMENT PLAN THEREFOR
A. WHEREAS, pursuant to Minnesota Statutes, Section 475.521 the City of Prior
Lake, Minnesot a (the "City") may issue bonds to finance capital improvements under its capital
improvement plan (the "Plan") without an election provided that, among other things, prior to
issuing general obligation capital improvement plan bonds (the "Bonds") the City adopts the Plan
after holding a public hearing thereon and publishing a notice of its intention to issue the Bonds
and the date and time of a hearing to obtain public comment on the issuance of the Bonds and
adoption of the Plan; and
B. WHEREAS, the City Coun cil will hold a public hearing on December 19, 2011, on
its intention to issue the Bonds and to adopt the Plan; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota, that the City Council hereby calls for a public hea ring on its intent to issue the Bonds
and to adopt the Plan, the public hearing to be held on the date and time set forth in Exhibit A
attached hereto. The City Manager is hereby directed to cause the notice of public hearing to be
published at least 14 b ut not more than 28 days before the date of the public hearing in the official
newspaper of the City or a newspaper of general circulation in the City and further, the City
Manager may post the notice of public hearing on the City's official website, if an y, at least 14 but
not more than 28 days before the date of the public hearing.
The motion for the adoption of the foregoing resolution was duly seconded by member
Keeney and, after full discussion thereof and upon a vote being taken thereon, the following voted
in favor thereof: Mayor Myser, Council members Erickson, Hedberg, Keeney and Soukup.
and the following voted against the same: None.
whereupon the resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTY OF SCOTT
CITY OF PRIOR LAKE
I, the undersigned, being duly qualified and acting Manager of the City of Prior Lake,
Minnesota, do hereby certify that I have compared the attached and foregoing extract of minutes
with the original thereof on file in my office, and that the sam e is a full, true and complete
transcript of the minutes of a meeting of the City Council, duly called and held on the date therein
indicated, insofar as such minutes relate to the City Council calling a public hearing on the
intention to issue general obl igation capital improvement plan bonds and the proposal to adopt a
capital improvement plan therefor.
WITNESS my hand on November 7, 2011.
________________________________ _______
City Manager
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EXHIBIT A
CITY OF PRIOR LAKE
NOTICE OF PUBLIC HEARING ON INTENTION TO ISSUE
GENERAL OBLIGATION C APITAL IMPROVEMENT PLAN BONDS
AND THE PROPOSAL TO ADOPT A CAPITAL IMPROVEMENT PLAN THEREFOR
NOTICE IS HEREBY GIVEN, that the City Council of the City of Prior Lake, Minnesota,
will meet on December 19, 2011, at 7:00 p.m. at the City Hall, 4646 Dakota Str eet SE, in Prior
Lake, Minnesota, for the purpose of conducting a public hearing on (a) the intention to issue
general obligation capital improvement plan bonds in an amount not to exceed $10,000,000 and (b)
the proposal to adopt a capital improvement plan therefor. The proceeds of the bonds will be used
to finance the acquisition of the existing City Hall and Police Station from the Economic
Development Authority of the City of Prior Lake, Minnesota (the “EDA”), the lessor of the City
Hall/municipal cente r and police station facilities under the outstanding lease to purchase
agreement and refund the EDA’s outstanding principal amount of its Public Project Revenue
Bonds, Series 2005B (City of Prior Lake, Minnesota Lease With Option to Purchase Project), dat ed
May 15, 2005 in anticipation of reducing debt service costs to the City.
All persons interested may appear and be heard at the time and place set forth above.
If a petition requesting a vote on the issuance of the bonds is signed by voters equal to five
percent of the votes cast in the City in the last general election and is filed with the City within
thirty days after the public hearing, the bonds may only be issued upon obtaining the approval of
the majority of the voters voting on the question of iss uing the bonds.
Individuals unable to attend the public hearing can make written comment by writing to the
City Manager, Prior Lake City Hall, 4646 Dakota Street SE, Prior Lake, Minnesota 55372 - 1776.
Written comments must be received prior to the date and time of the public hearing.
BY ORDER OF THE CITY COUNCIL
________________________________ _______
City Manager
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