HomeMy WebLinkAbout18-123CITY OF LAKEVILLE
RESOLUTION NO. 18-123
RESOLUTION ADOPTING A 5 -YEAR STREET RECONSTRUCTION PLAN
(2019-2023) 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 2019-2023 street reconstruction plan dated
October 15, 2018 (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 $36.5 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
WHEREAS, on October 15, 2018 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
proj ects;
(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 15th day of October 2018
CITY OF LAKEVILLE
Douglas P. Anderson, Mayor
ATTEST:
Charlene Friedges, City erk
VOTE Anderson Davis Hellier LaBeau Wheeler
Aye ❑ ❑ ❑ ❑ ❑
Nay ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ ❑ 11 ❑