HomeMy WebLinkAbout13-120 Approve 2014-2018 CIPPRjQ\
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4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 13 -120
A RESOLUTION APPROVING THE 2014 -2018 CAPITAL IMPROVEMENT PROGRAM
Motion By: Kee
Second By: McGuire
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, The CIP is a flexible planning document that attempts to balance the financial resources
of the City with its needs; 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 August 12, 2013, the City Council of Prior Lake conducted a Public Hearing on the
2014 -2018 CIP and offered opportunity for public testimony on the capital spending
priorities of the City Council; 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.
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 2014 -2018 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:
a. costs of issuance of bonds;
costs in an amount not in excess of $100,000 or five percent of the proceeds of an issue; or
a. "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.
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.
This Declaration is intended to constitute a Declaration of the Official Intent for the purposes of the
Reimbursement Regulations.
PASSED AND ADOPTED THIS 26th DAY OF AUGUST 2013.
YES NO
Hedberg
x
Hedberg
Keeney
x
Keeney
McGuire
x
McGuire
Morton
x
Morton
Soukup
Absent
Soukup
Frank yl by Manager
2