HomeMy WebLinkAbout24-087 Approve Issuance of CIP Bonds and Adopt Capital Improvement Plan (for facilities plan only-statute requirement)132368403v2
EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE
CITY OF PRIOR LAKE, MINNESOTA
HELD: August 14, 2024
Pursuant to due call and notice thereof, a regular or special meeting of the City Council of
the City of Prior Lake, Scott County, Minnesota, was held at the City Hall in Prior Lake, Minnesota
on August 14, 2024, at 7:00 P.M. for the purpose, in part, of giving preliminary approval to the
issuance of general obligation capital improvement plan bonds and adopting the capital
improvement plan.
The following members were present:
and the following were absent:
Member Burkart introduced the following resolution and moved its adoption:
RESOLUTION NO. 24-087
RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF GENERAL
OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN AMOUNT NOT TO
EXCEED $4,080,000 AND ADOPTING THE CITY OF PRIOR LAKE, MINNESOTA,
CAPITAL IMPROVEMENT PLAN FOR THE YEARS 2025 THROUGH 2029
A. WHEREAS, the City Council of the City of Prior Lake, Minnesota (the "City")
proposes to issue its general obligation capital improvement plan bonds, in one or more series, (the
"Bonds") and adopt the City of Prior Lake, Minnesota, Capital Improvement Plan for the years
2025 through 2029 (the "Plan"); and
B. WHEREAS, the City has caused notice of the public hearing on the intention to
issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in
accordance with Minnesota Statutes, Section 475.521; and
C. WHEREAS, a public hearing on the intention to issue the Bonds and on the
proposed Plan has been held on this date, following published notice of the public hearing as
required by law; and
D. WHEREAS, in approving the Plan, the City Council considered for each project
and for the overall Plan:
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;
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7. Operating costs of the proposed improvements; and
8. Alternatives for providing services more efficiently through shared facilities
with other local governmental units; and
E. WHEREAS, the City Council has determined that the issuance of general
obligation capital improvement plan bonds in the aggregate principal amount of up to $4,080,000
is the best way to finance the capital improvements identified in the Plan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake,
Minnesota that the City hereby adopts the Plan and authorizes the issuance of up to $4,080,000
aggregate principal amount of general obligation capital improvement plan bonds.
The motion for the adoption of the foregoing resolution was duly seconded by member
Lake and, after full discussion thereof and upon a vote being taken thereon, the following voted in
favor thereof:
and the following voted against the same:
Whereupon the resolution was declared duly passed and adopted.
[Bonds must be approved by at least a three-fifths vote of the membership.]
[Issuance of Bonds is subject to a 30-day reverse referendum after the public hearing.]
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STATE OF MINNESOTA
COUNTY OF SCOTT
CITY OF PRIOR LAKE
I, the undersigned, being duly qualified and acting City Manager of the City of Prior Lake,
Minnesota, do hereby certify that I have carefully compared the attached and foregoing extract of
minutes with the original minutes of a meeting of the City Council, duly called and held on the date
therein indicated, which are on file and of record in my office, and the same is a full, true and
complete transcript therefrom insofar as the same relates to a resolution giving preliminary approval
to the issuance of the City's general obligation capital improvement plan bonds and adopting the
City's capital improvement plan therefor.
WITNESS my hand on August 14, 2024.
_______________________________________
City Manager