HomeMy WebLinkAbout18-121 2019-2023 Capital Improvement Program
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 18-121
A RESOLUTION APPROVING THE 2019-2023 CAPITAL IMPROVEMENT PROGRAM
Motion By: Briggs Second By: McGuire
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 6, 2018, the City Council of Prior Lake conducted a Public Hearing on the
2019-2023 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; and
WHEREAS, The approval of the CIP has no relationship to the comprehensive plan and as such
does not require Planning Commission review pursuant to Minn. Stat. 462 .356, Subd.
2.
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 2019-2023 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:
2
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.
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 are consistent with the City’s budgetary and financial circumstances.
7. This Declaration is intended to constitute a Declaration of the Official Intent for the purposes of the
Reimbursement Regulations. As of the date hereof, the city reasonably expects that $19 million is
the maximum principal amount of the bonds which will be issued to finance the Projects.
PASSED AND ADOPTED THIS 6th DAY OF AUGUST 2018.
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager