HomeMy WebLinkAbout16-009CITY OF LAKEVILLE
RESOLUTION NO. 16-09
RESOLUTION ADOPTING A 5 -YEAR STREET RECONSTRUCTION PLAN (2016-2020)
AND APPROVING THE ISSUANCE OF GENERAL OBLIGATION
STREET RECONSTRUCTION BONDS
WHEREAS, pursuant to Minnesota Statutes, Section 475.58, subd. 3b (the "Street
Reconstruction Act"), the City has prepared a 2016-2020 street reconstruction plan dated January 4,
2016 (the "Street Reconstruction Plan") which sets forth various street reconstruction plan projects to
be undertaken in the City within the next five years (the "Street Reconstruction Plan Projects"). The
Street Reconstruction Plan recommends the issuance of general obligation street reconstruction bonds
under the Street Reconstruction Act in the approximate principal amount of $39 million (the "Street
Reconstruction Bonds") to finance a portion of the costs of the Street Reconstruction Plan Projects;
and
WHEREAS, pursuant to the Street Reconstruction Act, the City is authorized to issue and sell
obligations for street reconstruction under the circumstances and within the limitations set forth in the
Street Reconstruction Act. The Street Reconstruction Act provides that a street reconstruction plan
may be financed with bonds issued by the City, following a public hearing and the adoption of such
plan, and other proceedings conducted in accordance with the requirements of the Street
Reconstruction Act; and; and
WHEREAS, on January 4, 2016 the City Council held a public hearing on the adoption of the
Street Reconstruction Plan and the issuance of the Bonds after publication of the notice of public
hearing for the Street Reconstruction Plan not less than 10 days nor more than 28 days prior to the
date thereof in the City's official newspaper; and
WHEREAS, all parties who appeared at the hearing were given an opportunity to express their
views with respect to the proposal to adopt the Street Reconstruction Plan and to undertake and
finance a portion of the Street Reconstruction Plan Projects with Street Reconstruction Bonds and any
written comments submitted prior to the hearing were considered.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville
Minnesota as follows:
1. CITY POLICIES AND GOALS. The financing of the Street Reconstruction Plan
Projects and the issuance of the Street Reconstruction Bonds will further the policies and goals of the
City as set forth in the Street Reconstruction Plan.
2. 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
City Council deems relevant, it is hereby found, determined and declared that:
(a) the Street Reconstruction Plan Projects proposed in the Street Reconstruction Plan will
allow the City to construct and finance various street reconstruction projects;
(b) the Street Reconstruction Plan is hereby approved and adopted in the forms presently
on file with the City.
3. AUTHORIZATION OF BONDS. The City hereby gives preliminary approval to the
issuance of the Bonds, the proceeds of which will be used, together with additional funds of the City to
finance costs of various Street Reconstruction Plan Projects and to pay costs of issuance of the Bonds.
The City staff is hereby authorized, in consultation with the City's financial advisor and legal counsel,
to take all necessary action to call for the sale of the Bonds and to present proposals to this Council for
approval at a subsequent meeting.
4. VOTER REFERENDUM CONTINGENCY. Pursuant to the Street Reconstruction Act,
if a petition requesting a vote on the question of issuing the Street Reconstruction Bonds, signed by
voters equal to five percent of the votes cast in the last municipal general election, is filed within thirty
days of the public hearing, the City may issue the Street Reconstruction Bonds only after obtaining the
approval of a majority of the voters voting on the question of the issuance of the Street Reconstruction
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 Street Reconstruction Bonds.
ADOPTED by the Lakeville City Council this 4th day of January, 2016
CITY OF LAKEVILLE
Matt Li e, MayKr
AT EST: _
Charlene Friedges, City C
VOTE
Little
Anderson
Davis
LaBeau
Swecker
Aye
V
R,
V
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F97—
Nay
❑
❑
❑
❑
❑
Abstain
❑
❑
❑
❑
❑
Absent
❑
❑
❑
P,'
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