HomeMy WebLinkAbout13-182 Maplewood Improvement ProjectUl PRlp\
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 13 -182
ORDERING IMPROVEMENTS AND PREPARATION OF PLANS AND SPECIFICATIONS FOR
MAPLEWOOD STREET (PROJECT #14 -012); FINANCING THE MAPLEWOOD STREET
IMPROVEMENT PROJECT TO BE UNDERTAKEN BY THE CITY AND ESTABLISHING COMPLIANCE
WITH REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE
Motion By:
McGuire
Second By: Souku
WHEREAS, the Prior Lake City Council on its own initiative has determined that it desires to complete
the Public Improvement Project to Maplewood Street; and
WHREAS, on November 12, 2013; the City Council adopted Resolution 13 -169 accepting the
Feasibility Report and calling for a Public Hearing to be held on the Maplewood Street
Improvement Project which includes sanitary sewer, watermain, storm sewer, aggregate
base, concrete curb and gutter, bituminous surfacing, and appurtenant work; and
WHEREAS, ten days mailed notice and two weeks published notice of the hearing was given, and the
hearing was held on the 9 day of December, 2013, at which time all persons desiring to be
heard were given an opportunity to be heard thereon; and
WHERES, since the project was initiated by the City Council it must be approved by 4 /5ths vote in
accordance with Minnesota Statutes 429.031 Subdivision 1(f); and
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. Such improvement is necessary, cost - effective, and feasible as detailed in the feasibility report.
3. The City Engineer is hereby authorized to prepare plans and specifications for the improvements
delineated in City Council Resolution 13 -169 adopted on November 12, 2013 and by the required
statutory 4 /5ths vote does hereby order the project.
4. The City Engineer is hereby designated as the Engineer for these improvements and is authorized to
record engineering expenses in the Construction Fund ( #501 - 48379).
5. The Engineer shall prepare plans and specifications for the making of such improvements for
Maplewood Street.
6. The City Council authorizes the following preliminary funding sources and corresponding transfers to
the Construction Fund for the project:
Assessments
$127,070
Sewer and Water Fund
$160,866
Tax Levy
$190,604
Project Total Cost
$478,540
7. The City has determined to make a declaration of official intent ( "Declaration ") to reimburse certain
estimated costs for this project from proceeds of bonds in accordance with the Internal Revenue
Service Reimbursement Regulations (Treasury Reg. 1.150 -2).
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 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.
D. 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.
10. 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.
11. This Declaration is intended to constitute a Declaration of the Official Intent for the purposes of the
Reimbursement Regulations.
PASSED AND ADOPTED THIS 9T" DAY OF DECEMBER 2013.
YES NO
Hedberg
X
Hedberg
Keeney
X
Keeney
McGuire
X
McGuire
Morton
Morton
X
Soukup
X
Soukup
- U,44
Frank yl , by Manager
2