HomeMy WebLinkAbout16-006 Improvement Project
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 16-006
ORDERING IMPROVEMENTS FOR THE 2016 IMPROVEMENT PROJECT (PROJECT #TRN16-000001);
FINANCING THE 2016 IMPROVEMENT PROJECT TO BE UNDERTAKEN BY THE CITY AND
ESTABLISHING COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS UNDER THE
INTERNAL REVENUE CODE
Motion By: Thompson Second By: Keeney
WHEREAS, The Prior Lake City Council on its own initiative has determined that it desires to complete
the Public Improvements for the 2016 Improvement Project ; and
WHEREAS,
WHEREAS,
WHEREAS,
On November 23, 2015; the City Council accepted the Feasibility Report and called for a
Public Hearing to be held for the 2016 Improvement Project which includes sanitary
sewer, watermain, storm sewer, aggregate base, concrete curb and gutter, bituminous
surfacing, and appurtenant work; and
Ten days mailed notice and two weeks published notice of the hearing was given, and the
hearing was held on the 11th day of January, 2016, at which time all persons desiring to
be heard were given an opportunity to be heard thereon; and
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 Council by the required statutory 4/5ths vote does hereby order the project and Option D as
outlined in the feasibility report and amendment.
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 -43500.00-55020-TRN16-000001).
5. The Engineer shall prepare plans and specifications for the making of such improvements for the 2016
Improvement Project.
6. The City Council authorizes the following preliminary funding sources and corresponding transfers to the
Construction Fund for the project:
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Tax Levy $761,681
Assessments $507,787
Sewer Fund $1,020,630
Water Fund $1,169,900
Water Quality Fund $12,193
Project Total Cost $3,472,191
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).
8. 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 eligib le for reimbursement under Section 1.150-2(d)(3) of
the Reimbursement Regulations.
9. 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.
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PASSED AND ADOPTED THIS 11TH DAY OF JANUARY 2016.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager