HomeMy WebLinkAbout16-110 CIP Approving Street Reconstruction 1
CITY OF PRIOR LAKE
RESOLUTION NO. 16-110
RESOLUTION APPROVING THE ADOPTION OF A STREET
RECONSTRUCTION PLAN AND AUTHORIZING THE
ISSUANCE OF GENERAL OBLIGATION STREET
RECONSTRUCTION BONDS
BE IT RESOLVED by the City Council of the City of Prior Lake, Scott County, Minnesota (the
“City”), as follows:
Section 1. Background.
1.01. The City is authorized under Minnesota Statutes, Section 475.58, subdivision 3b
(the “Act”) to prepare a plan for street reconstruction in the City over at least the next five years that will
be financed under the Act, including a description of the proposed work and estimated costs, and to issue
general obligation bonds to finance the cost of street reconstruction activities described in the plan.
1.02. Before the issuance of any bonds under the Act, the City is required to hold a public
hearing on the plan and the issuance of bonds thereunder.
1.03. Pursuant to the Act, the City, in consultation with its City engineer, has caused
preparation of a 2017 to 2021 Street Reconstruction Plan dated August 22, 2016 (the “Plan”), which
describes certain street reconstruction activities in the City for the years 2017 through 2021 (the “Street
Improvements”).
1.04. The City has determined that it is in the best interests of the City to authorize the issuance
and sale of general obligation street reconstruction bonds pursuant to the Act in a maximum principal
amount not to exceed $2,680,000 (the “Bonds”). The purpose of the Bonds is to finance the costs of the
Street Improvements as described in the Plan.
1.05. On the date hereof, the City Council held a public hearing on the Plan and the issuance of
the Bonds, after publication in the City’s official newspaper of a notice of public hearing at least 10 days
but no more than 28 days before the date of the hearing.
Section 2. Plan Approved; Bonds Authorized.
2.01. The City Council finds that the Plan will improve the City’s street system, which serves
the interests of the City as a whole, and approves the Plan in the form presented at the public hearing and
on file at City Hall.
2.02. The City Council authorizes the issuance of the Bonds in accordance with the Plan. City
staff, legal counsel and consultants are authorized to take all actions necessary to negotiate the sale of the
Bonds, subject to the contingency described in Section 2.03 hereof.
2.03. If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to 5%
of the votes cast in the last municipal general election, is filed with the City Manager within 30 days after
the date of the public hearing, the City may issue the Bonds only after obtaining approval of a majority of
voters voting on the question at an election. The authorization to issue the Bonds is subject to expiration
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of the 30-day period without the City’s receipt of a qualified petition under the Act, or if a qualified
petition is filed, upon the approving vote of a majority of the voters voting on the question of issuance of
the Bonds.
2.04. The City Council declares its official intent to reimburse itself for the costs of the Street
Improvements from the proceeds of tax-exempt bonds in an amount not to exceed $2,680,000.
2.05. City staff are authorized and directed to take all other actions necessary to carry out the
intent of this resolution.
Adopted this 22nd of August, 2016.
The motion carried.
Mayor
ATTEST:
City Manager
VOTE Hedberg Keeney McGuire Morton Thompson
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐