HomeMy WebLinkAbout11-146 Addendum to the CIP and Prelim Approval for Issuance of CIP BondsEXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL
CITY OF PRIOR LAKE MINNESOTA
HELD: December 19, 2011
Pursuant to due call and notice thereof, a regular or special meeting of the City Council of
the City of Prior Lake, Minnesota, was duly called and h eld at the City Hall in Prior Lake,
Minnesota on December 19, 2011 , at 7:00 p.m. for the purpose, in part, of giving preliminary
approval to the issuance of general obligation capital improvement plan bonds and adopting the
capital improvement plan.
The fo llowing members were present: Mayor Myser, Councilmembers Erickson, Hedberg,
Keeney and Soukup
and the following were absent: None
Member Hedberg introduced the following resolution and moved its adoption:
RESOLUTION 11 - 146 GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN AMOUNT NOT
TO EXCEED $10,000,000 AND ADOPTING THE CITY OF PRIOR LAKE, MINNESOTA,
CAPITAL IMPROVEMENT PLAN FOR THE YEARS 201 2 THROUGH 201 6
A. WHEREAS, the City Council of the City of Prio r Lake, Minnesota (the "City")
proposes to issue its general obligation capital improvement plan bonds (the "Bonds") and adopt
the City of Prior Lake, Minnesota, Capital Improvement Plan for the Years 201 2 Through 201 6
(the "Plan"); and
B. WHEREAS, the City h as caused notice of the public hearing on the intention to
issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in
accordance with Minnesota Statutes, Section 475.521; and
C. WHEREAS, a public hearing on the intention to is sue the Bonds and on the
proposed Plan has been held on this date, following published notice of the public hearing as
required by law; and
D. WHEREAS, in approving the Plan, the City Council considered for each project and
for the overall Plan:
1. The condition of the City's existing infrastructure, including the projected
need for repair and replacement;
2. The likely demand for the improvement;
3. The estimated cost of the improvement;
4. The available public resources;
5. The level of overlapping debt in the City;
6. The re lative benefits and costs of alternative uses of the funds;
7. Operating costs of the proposed improvements; and
8. Alternatives for providing services more efficiently through shared facilities
with other local governmental units; and
E. WHEREAS, the City Council has determined that the issuance of general obligation
capital improvement plan bonds in the aggregate principal amount of up to $10,000,000 is the best
way to finance the capital improvements identified in the Plan.
NOW, THEREFORE, BE IT RESOLVED by the C ity Council of the City of Prior Lake,
Minnesota, that the City hereby adopts the Plan and authorizes the issuance of up to $10,000,000
aggregate principal amount of general obligation capital improvement plan bonds.
The motion for the adoption of the fore going resolution was duly seconded by member
Erickson and, after full discussion thereof and upon a vote being taken thereon, the following voted
in favor thereof: Myser, Erickson, Hedberg, Keeney and Soukup
and the following voted against the same: None .
whereupon the resolution was declared duly passed and adopted.
[Bonds must be approved by at least a three - fifths vote of the membership.]
[Issuance of Bonds is subject to a 30 - day reverse referendum after the public hearing.]
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STATE OF MIN NESOTA
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 carefully compared the attached and foregoing extract of
minutes with the original minutes of a meeting of the City Council, duly called and held on the date
therein indicated, which are on file and of record in my office, and the same is a full, true and
complete transcript therefrom insofar as the same relates to a resolution giving pr eliminary
approval to the issuance of the City's general obligation capital improvement plan bonds and
adopting the City's capital improvement plan therefor.
WITNESS my hand on December 19, 2011.
________________________________ _______
City Manager
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