HomeMy WebLinkAbout15-130 2016-2020 Street Reconstruction Plan
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF PRIOR LAKE,
MINNESOTA
HELD: August 10, 2015
Pursuant to due call and notice thereof, a regular meeting of the City Council of
the City of Prior Lake, Minnesota, was duly called and held at the City Hall in Prior Lake,
Minnesota, on August 10, 2015, at 7:00 p.m., for the purpose of adopting a street reconstruction
plan and approving the issuance of general obligation street reconstruction plan bonds.
The following members were present: Hedberg, Keeney, McGuire, Morton and Thompson,
and the following were absent: None.
Member McGuire introduced the following resolution and moved its adoption:
RESOLUTION 15-130
RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND
APPROVING THE ISSUANCE OF GENERAL OBLIGATION BONDS
BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota (the
"City"), as follows:
WHEREAS, pursuant to Minnesota Statutes, Section 475.58, subd. 3b (the
"Street Reconstruction Act"), the City has prepared a 2016-2020 street reconstruction plan dated
August 10, 2015 (the "Street Reconstruction Plan") which sets forth various street reconstruction
plan projects to be undertaken in the City within the next five years (the "Street Reconstruction
Plan Projects"). The Street Reconstruction Plan recommends the issuance of general obligation
street reconstruction bonds under the Street Reconstruction Act in the approximate principal
amount of $5,669,020 (the "Street Reconstruction Bonds") to finance a portion of the costs of the
Street Reconstruction Plan Projects; and
WHEREAS, pursuant to the Street Reconstruction Act, the City is authorized to
issue and sell obligations for street reconstruction under the circumstances and within the
limitations set forth in the Street Reconstruction Act. The Street Reconstruction Act provides that
a street reconstruction plan may be financed with bonds issued by the City, following a public
hearing and the adoption of such plan, and other proceedings conducted in accordance with the
requirements of the Street Reconstruction Act; and
WHEREAS, on August 10, 2015 the City Council held a public hearing on the
adoption of the Street Reconstruction Plan and the issuance of the Bonds after publication of the
notice of public hearing for the Street Reconstruction Plan not less than 10 days nor more than
28 days prior to the date thereof in the City's official newspaper; and
WHEREAS, all parties who appeared at the hearing were given an opportunity to
express their views with respect to the proposal to adopt the Street Reconstruction Plan and to
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undertake and finance a portion of the Street Reconstruction Projects with Street Reconstruction
Bonds and any written comments submitted prior to the hearing were considered.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Prior Lake, Minnesota, as follows:
1.CITY POLICIES AND GOALS. The financing of the Street Reconstruction
Project and the issuance of the Bonds will further the policies and goals of the City as set forth in
the Street Reconstruction Plan.
2.ADOPTION OF STREET RECONSTRUCTION PLAN. Based on information
received at the public hearing, such written comments (if any) and such other facts and
circumstances as the City Council deems relevant, it is hereby found, determined and declared
that:
(a)the Street Reconstruction Projects proposed in the Street Reconstruction Plan will
allow the City to construct and finance various street reconstruction projects;
(b)the Street Reconstruction Plan is hereby approved and adopted in the forms
presently on file with the City.
3.AUTHORIZATION OF BONDS. The City hereby gives preliminary approval to
the issuance of the Bonds, the proceeds of which will be used, together with additional funds of
the City to finance costs of various Street Reconstruction Plan Projects and to pay costs of
issuance of the Bonds. The City staff is hereby authorized, in consultation with the City's
financial advisor and legal counsel, to take all necessary action to call for the sale of the Bonds
and to present proposals to this Council for approval at a subsequent meeting.
4.VOTER REFERENDUM CONTINGENCY. Pursuant to the Street
Reconstruction Act, if a petition requesting a vote on the question of issuing the Street
Reconstruction Bonds, signed by voters equal to five percent of the votes cast in the last
municipal general election, is filed within thirty days of the public hearing, the City may issue
the Street Reconstruction Bonds only after obtaining the approval of a majority of the voters
voting on the question of the issuance of the Street Reconstruction Bonds. The authorizations
and approvals contained herein are subject to and contingent upon not receiving such a petition,
or, in the event such a petition is filed, the approving vote of a majority of the voters voting on
the question of the issuance of the Street Reconstruction Bonds.
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PASSED AND ADOPTED THIS 10th DAY OF AUGUST 2015
VOTE Hedberg Keeney McGuire Morton Thompson
Aye
☒☒☒☐☐
Nay
☐☐☐☒☒
Absent
☐☐☐☐☐
Abstain
☐☐☐☐☐
_______________________________________
Frank Boyles, City Manager
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