HomeMy WebLinkAbout23-110 Adoption of 5-Year Street Reconstruction Plan (2024-2028) and Approval of the Issuance of GO Street Reconstruction Bonds • CITY OF LAKEVILLE
RESOLUTION NO. 23-110
Resolution Adopting a 5-Year Street Reconstruction Plan (2024-2028)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 2024-2028 street reconstruction plan dated Oct�ber 2, 2023 (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$29.1 million
(the "Street Reconstruction Bonds") to finance a portion of the costs of the Street Reconstruction
Plan Projects;and
W�iEREAS, 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
WFiEREAS, on October 2, 2023 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. AD9PTION 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
presendy 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 tlurty 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 2nd day of October 2023.
CITY O LAKEv�'�.E
/ /� ;
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' �.--, L e M. Hellier,Mayor
�
Ann Orlofsky,City Clerk
VOTE Hellier Bermel Lee Volk Wolter
Aye 1�' C� [�' �
Nay ❑ ❑ D ❑ ❑
• Abstain ❑ _ _ ❑ p O ❑
Absent ❑ p ❑ p p