HomeMy WebLinkAbout18-007 Street Reconstruction Plan Amendment
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 18-007
RESOLUTION APPROVING AMENDMENT TO
STREET RECONSTRUCTION PLAN AND CONFIRMING INTENT TO ISSUE BONDS
THEREUNDER
WHEREAS, pursuant to Minnesota Statutes, Section 475.58, subdivision 3b (the “Act”), the City
of Prior Lake, Minnesota (the "City") may issue bonds without an election to finance capital expenditures
under an approved street reconstruction plan provided that, among other things, the City adopts the plan
after a public hearing thereon and publishes a notice of its intention to issue the bonds and the date and time
of a hearing to obtain public comment on the matter; and
WHEREAS, the City Council, foll owing a public hearing on August 22, 2016, adopted a street
reconstruction plan and authorized the issuance of general obligation street reconstruction bonds
pursuant to the Act which includes street improvements (the "Plan); and
WHEREAS, there has been presented to the City Council a proposed First Amendment to the
Plan (the “Amendment”); and
WHEREAS, on the date hereof the City Council, pursuant to published notice , held a public
hearing on the Amendment and on the City Council’s intention to issue bonds under the Act as described
in the Amendment ; and
WHEREAS, in considering the Amendment, the Council considered for each project and the
overall Plan (including the Amendment) the matters identified in the Act; and
WHEREAS, the Amendment contemplates the issuance of approximately $4,015,000 of bonds
as described therein;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota, as follows:
1. The Amendment is hereby approved and City staff is authorized to take such other action
as may be necessary or appropriate to c arry out the Plan, as amended, in accordance with applicable
law.
2. The City Council ’s intention to issue approximately $4,015,000 general obligation street
reconstruction bonds as described in the Amendment is hereby confirmed; provided, however, that i f
a petition requesting a vote on the issuance of the bonds, signed by voters equal to five percent of the
votes cast in the City in the last municipal general election is filed with the City Clerk by February 7,
2018, the City may issue the bonds only after obtaining approval of a majority of vo ters voting on the
question of issuing the bonds .
2. The City Co uncil hereby declares its official int ent pursuant to Treasury Reg. 1.150-2 that
the City shall be reimbursed from the proceeds of such bonds for an y costs of the improvements
described in the Plan, as amended, which are paid prior to the issuance of the bonds .
Whereupon said resolution was declared duly passed and adopted this 8th day of January 2018.
Adopted this 8th day of January 2018.
___________________________________________ _________________________________
City Manager Mayor
4646 Dakota Street SE
Prior Lake, MN 55372
STATE OF MINNESOTA
COUNTY OF SCOTT ) SS
CITY OF PRIOR LAKE
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Prior Lake do hereby certify
that the attached and foregoing Resolution was duly adopted by the Prior Lake City Council at its Regular
Meeting of January 8, 2018, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this 8 day of January 2018.
City Clerk