HomeMy WebLinkAbout24-106 Resolution Adopting a 5-Year Street Reconstruction Plan (2025-2029) and Approving the Issuance of General Obligation Street Reconstruction Bonds CITY OF LAKEVILLE
RESOLUTION NO. Z� -10(P
Resolution Adopting a 5-Year Street Reconstruction Plan (2025-2029) 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 2025-2029 street reconstruction plan dated
October 7, 2024 (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$28.350 million (the "Street Reconstruction Bonds") to finance a portion of the costs
of the Street Reconshuction 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 7, 2024 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 Reconshuction 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 7th day of October 2024.
CITY OF LAKEVILLE
L e M. Hellier, Mayor
Ann Orlo sky, City Clerk
VOTE Hellier Berme Lee Volk Wolter
Aye �g �
Nay ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ p ❑ ❑