HomeMy WebLinkAbout14-202 Order Credit River Road Project
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 14-202
ORDERING IMPROVEMENTS AND PREPARATION OF PLANS AND SPECIFICATIONS FOR
CREDIT RIVER ROAD IMPROVEMENT PROJECT (PROJECT #TRN15-000006); FINANCING THE
CREDIT RIVER ROAD IMPROVEMENT PROJECT TO BE UNDERTAKEN BY THE CITY AND
ESTABLISHING COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS
UNDER THE INTERNAL REVENUE CODE
Motion By: KEENEY Second By: MORTON
WHEREAS, the Prior Lake City Council on its own initiative has determined that it desires to complete the
Public Improvement Project to Credit River Road; and
WHREAS, on November 24, 2014; the City Council adopted Resolution 14-183 accepting the Feasibility
Report and calling for a Public Hearing to be held on the Credit River Road Improvement
Project which includes sanitary sewer, watermain, storm sewer, aggregate base, concrete
curb and gutter, bituminous surfacing, and appurtenant work; and
WHEREAS, ten days mailed notice and two weeks published notice of the hearing was given, and the
hearing was held on the 22 day of December, 2014, at which time all persons desiring to be
nd
heard were given an opportunity to be heard thereon; and
WHERES, since the project was initiated by the City Council it must be approved by 4/5ths vote in
accordance with Minnesota Statutes 429.031 Subdivision 1(f); and
NOWTHEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1.The recitals set forth above are incorporated herein.
2.Such improvement is necessary, cost-effective, and feasible as detailed in the feasibility report.
3.The City Engineer is hereby authorized to prepare plans and specifications for the improvements
delineated in City Council Resolution 14-183 adopted on November 24, 2014 and by the required
statutory 4/5ths vote does hereby order the project.
4.The City Engineer is hereby designated as the Engineer for these improvements and is authorized to
record engineering expenses in the Construction Fund (#501-43500.00-55020-TRN15-000006).
5.The Engineer shall prepare plans and specifications for the making of such improvements for Credit River
Road.
6.The City Council authorizes the following preliminary funding sources and corresponding transfers to the
Construction Fund for the project:
$399,185.10
Assessments
$300,387.18
Sewer Fund
$309,744.95
Water Fund
$16,420.67
Water Quality Fund
$939,105.96
Trunk Sewer Fund
$695,432.67
Tax Levy
Project Total Cost
$2,660,276.54
7.The City has determined to make a declaration of official intent (“Declaration”) to reimburse certain
estimated costs for this project from proceeds of bonds in accordance with the Internal Revenue Service
Reimbursement Regulations (Treasury Reg. 1.150-2).
8.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.
9.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:
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.
10.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
and the principal amount of the bonds are consistent with the City’s budgetary and financial
circumstances. No sources other than proceeds of bonds to be issued by the City are, or are reasonably
expected to be reserved, allocated on a long term basis, or otherwise set aside pursuant to the City’s
budget or financial policies to pay such Project expenditures.
11.This Declaration is intended to constitute a Declaration of the Official Intent for the purposes of the
Reimbursement Regulations.
PASSED AND ADOPTED THIS 22 DAY OF DECEMBER 2014.
ND
VOTE Hedberg Keeney McGuire Morton Soukup
Aye
☒☒☒☒☒
Nay
☐☐☐☐☐
Abstain
☐☐☐☐☐
Absent
☐☐☐☐☐
______________________________
Frank Boyles, City Manager
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