HomeMy WebLinkAbout16-108 CIP Plan
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 16-108
A RESOLUTION APPROVING THE 2017-2021 CAPITAL IMPROVEMENT PROGRAM
Motion By: McGuire Second By: Keeney
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 8, 2016, the City Council of Prior Lake conducted a Public Hearing
on the 2017-2021 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 2017-2021 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;
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
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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.
6. 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.
7. This Declaration is intended to constitute a Declaration of the Official Intent for the
purposes of the Reimbursement Regulations.
PASSED AND ADOPTED THIS 22nd DAY OF AUGUST 2016
VOTE Hedberg Keeney McGuire Morton Thompson
Aye ☒ ☒ ☒ ☒ ☐
Nay ☐ ☐ ☐ ☐ ☒
Absent ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager