HomeMy WebLinkAbout16-109 CIP Approving Plan and Bonds 1
CITY OF PRIOR LAKE, MINNESOTA
RESOLUTION NO. 16-109
RESOLUTION APPROVING THE ADOPTION OF A CAPITAL
IMPROVEMENT PLAN AND PROVIDING PRELIMINARY
APPROVAL FOR THE ISSUANCE OF BONDS THEREUNDER
WHEREAS, pursuant to Minnesota Statutes, Section 475.521 (the “Act”), cities are authorized to
adopt a capital improvement plan and carry out programs for the financing of capital improvements; and
WHEREAS, the City of Prior Lake, Minnesota (the “City”), has previously prepared a Capital
Improvement Plan, and has now caused to be prepared a Capital Improvement Plan for the years 2016
through 2021 (the “Plan”); and
WHEREAS, on the date hereof, the City Council of the City (the “Council”) has conducted a duly
noticed public hearing regarding adoption of the Plan pursuant to the requirements of the Act and the
issuance of general obligation bonds thereunder in a maximum principal amount of $1,850,000; and
WHEREAS, in considering the Plan, the Council has considered:
1. the condition of the City’s existing infrastructure, including the projected need
for repair and replacement;
2. the likely demand for the improvement;
3. the estimated cost of the improvement;
4. the available public resources;
5. the level of overlapping debt in the City;
6. the relative benefits and costs of alternative uses of the funds;
7. operating costs of the proposed improvements; and
8. alternatives for providing services more efficiently through shared facilities with
other local government units.
BE IT RESOLVED by the City Council of the City of Prior Lake, Scott County, Minnesota (the
“City”), as follows:
1. The Plan is hereby approved.
2. City staff are hereby authorized to do all other things and take all other actions as may be
necessary or appropriate to carry out the Plan in accordance with any applicable laws and
regulations.
3. The City gives preliminary approval to the issuance of the bonds in the maximum principal
amount of $1,850,000, provided that if a petition requesting a vote on issuance of the bonds,
signed by voters equal to five percent of the votes cast in the last general election, is filed with
the City Manager by September 21, 2016, the City may issue the bonds only after obtaining
approval of a majority of voters voting on the question at an election.
4. The City Council declares its official intent to reimburse itself for the costs of the capital
improvements from the proceeds of tax-exempt bonds in an amount not to exceed $1,850,000.
.
2
Adopted this 22nd day of August, 2016.
The motion carried.
_________________________________
ATTEST: Mayor
____________________________________
City Manager
VOTE Hedberg Keeney McGuire Morton Thompson
Aye ☒ ☒ ☒ ☒ ☐
Nay ☐ ☐ ☐ ☐ ☒
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐