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HomeMy WebLinkAbout25-110 Approve Issuance of Street Reconstruction Bonds and Adopt the Street Reconstruction Plan174500620v1 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA HELD: August 12, 2025 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 duly held at City Hall on August 12, 2025, at 7:00 P.M., for the purpose, in part, of adopting a street reconstruction plan and authorizing issuance of street reconstruction bonds. The following members were present: Briggs, Braid, Churchill, Lake, and Hellier and the following were absent: None. Member Braid introduced the following resolution and moved its adoption: RESOLUTION NO. 25-110 RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND APPROVING THE ISSUANCE OF GENERAL OBLIGATION STREET RECONSTRUCTION BONDS WHEREAS, the City Council (the "Council") of the City of Prior Lake, Minnesota (the "City"), has determined that it is in the best interest of the City to authorize the issuance and sale of general obligation street reconstruction bonds pursuant to Minnesota Statutes, Section 475.58, subdivision 3b, as amended (the "Act"), to finance the cost of street reconstruction projects, as described in the proposed street reconstruction plan described below, a copy of which is on file in the City Clerk's office; and WHEREAS, pursuant to the Act, the City is authorized to issue and sell general obligation street reconstruction bonds for street reconstruction under the circumstances and within the limitations set forth in the Act. The Act provides that a street reconstruction plan may be financed with general obligation street reconstruction bonds, following adoption of a street reconstruction plan, after a public hearing on the street reconstruction plan and on the issuance of general obligation street reconstruction bonds and other proceedings conducted in accordance with the requirements of the Act; and WHEREAS, pursuant to the Act, the City has prepared a five year street reconstruction plan for calendar years 2026 through 2030, which describes the streets to be reconstructed, the estimated costs and any planned reconstruction of other streets in the City, including the issuance of general obligation street reconstruction bonds under the Act (the "Plan"), to determine the funding strategy for street reconstruction projects; and WHEREAS, on August 12, 2025, the Council held a public hearing on the adoption of the Plan and the issuance of not to exceed $24,900,000 general obligation street reconstruction bonds (the "Bonds") under the Plan for street reconstruction improvements to those streets described in the Plan (the "Street Reconstruction Projects") after posting the notice of public hearing not less than 10 days nor more than 28 days prior to the date thereof on the City's website and on the Minnesota Newspaper Association's statewide public notice website,; and 174500620v1 2 WHEREAS, all parties who appeared at the public hearing were given an opportunity to express their views with respect to the proposal to adopt the Plan and to undertake and finance the Street Reconstruction Projects by the issuance of Bonds and any written comments submitted prior to the public hearing were considered. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota, as follows: 1. Public Hearing Notice. The Council hereby ratifies the actions of the City Clerk in causing the publication of the Public Hearing Notice to be posted on the City's website and on the Minnesota Newspaper Association's statewide public notice website, as required by law. 2. City Policies and Goals. The financing of the Street Reconstruction Projects and the issuance and sale of the Bonds would further the policies and goals of the City as set forth in the Plan, hereby adopted by the Council in connection with the issuance of the Bonds. 3. Adoption of Street Reconstruction Plan. Based on information received at the public hearing, such written comments (if any) and such other facts and circumstances as the Council deems relevant, it is hereby found, determined and declared that: (a) the Street Reconstruction Projects proposed in the Plan will allow the City to upgrade its transportation infrastructure to accommodate anticipated and existing residential and commercial development; and (b) the Plan is hereby approved and adopted in the form presently on file with the City. 4. Authorization and Approval of Bonds. The City is hereby authorized to issue the Bonds, the proceeds of which will be used, together with any additional funds of the City which might be required, to finance certain costs of the Street Reconstruction Projects and to pay costs of issuance of the Bonds. 5. Execution of Documents. The Mayor and City Manager are authorized and directed to execute such other documents and instruments as may be required to give effect to the transactions herein contemplated. 6. Voter Referendum Contingency. Pursuant to the Act, a petition requesting a vote on the question of issuing the Bonds, signed by voters equal to five percent of the votes cast in the last municipal general election, may be filed within thirty days of the public hearing. Upon receipt of such petition within the prescribed time period, the City may issue the Bonds only after obtaining the approval of a majority of the voters voting on the question of the issuance of the Bonds. The authorizations and approvals contained herein are subject to and contingent upon not receiving such a petition, or, in the event such a petition is filed, the approving vote of a majority of the voters voting on the question of the issuance of the Bonds. The motion for the adoption of the foregoing resolution was duly seconded by member Hellier and, after a full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: 174500620v1 3 and the following voted against the same: Briggs, Braid, Churchill, Lake, and Hellier Whereupon the resolution was declared duly passed and adopted. [Bonds must be approved by at least a two-thirds vote of the membership present.] [Issuance of Bonds is subject to a 30-day reverse referendum after the public hearing.] 174500620v1 4 STATE OF MINNESOTA SCOTT COUNTY CITY OF PRIOR LAKE I, the undersigned, being the duly qualified and acting City Clerk of the City of Prior Lake, Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the City Council, duly called and held on the date therein indicated, insofar as the minutes relate to adopting a street reconstruction plan and the issuance of general obligation street reconstruction bonds. WITNESS my hand on August 12, 2025. ________________________________ Heidi Simon, City Clerk