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HomeMy WebLinkAbout07-108 CITY OF LAKEVILLE RESOLUTION Resolution No. 07-108 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, SERIES 2007 D WHEREAS, the City Council intends to issue its General Obligation Capital Improvement Plan Bonds, Series 2007D (the Bonds), in the aggregate principal amount of approximately $15,115,000, pursuant to the Minnesota Statutes, Sections 475.521 and Chapter 475. The proceeds of the Bonds will be used, .together with any additional funds of the City which might be required, to finance the construction of a police station. WHEREAS, during the course of the preparation and review of the 5-Year Capital Improvement Plan 2007-2011 (the CIl') the City Council (the Council) of the City of Lakeville, Minnesota (the City) has considered, for each capital improvement and for the CIP overall: the condition of the City's existing infrastructure, including. the projected need for repair or replacement; the likely demand for the improvement; the estimated cost of the improvement; the available public resources; the level of overlapping debt in the City; the relative benefits and costs of alternative uses of the funds; operating costs of the proposed improvements; and alternatives for providing services most efficiently through shared facilities with other cities or local government units; _and WHEREAS, the CIP covers at least afive-year period. beginning with the date:. of its adoption; sets forth the estimated schedule, timing, and details of specific capital improvements by year, together with the estimated cost, the need for the improvement, and sources of revenue to pay for the improvement; and WHEREAS, pursuant to Minnesota Statutes, Section 475.521 the City has published notice of its intent to approve the CIP and to issue capital improvement plan bonds thereunder and the time and date of the hearing to obtain public comment on the matter at least fourteen (14} but not more than twenty-eight (28) days prior to the date hereof; and WHEREAS, the City has, on April 16, 2007, held a public hearing on the CIP and to obtain public comment on its intent to issue the capital improvement plan bonds, and the City has approved the CIP. BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota as follows: 1 SECTION 1. ISSUANCE OF BONDS AUTHORIZED. It is hereby determined to be in the best interests of the City to issue its General Obligation Capital Improvement Plan Bonds, Series 2007D, in the aggregate principal amount of approximately $15,115,000 pursuant to Minnesota Statutes, Section 475.521 and Chapter 475, to finance the construction of a police station, as more fully described in Exhibit A attached hereto. SECTION 2. TERMS OF PROPOSAL. Springsted Incorporated, financial advisor to the City, has presented to this Council a form of Terms of Proposal for the Bonds which is attached hereto and hereby approved and shall be placed on file by the City Clerk. Each and all of the provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. Springsted Incorporated, as independent financial advisers, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit proposals for the Bonds on behalf of the City on a negotiated basis. SECTION 3. SALE MEETING. This Council shall meet at the time and place shown in the Terms of Proposal, for the purpose of considering proposals for the purchase of the Bonds and of taking. such action thereon as may be in the best interests of the City. APPROVED AND ADOPTED this 18th day of June, 2007. CITY OF LAKEVILLE, By: Hol y Dahl, a AT ST: Charlene Friedges, Cit Jerk 2 Exhibit A Construction of a police station consisting of a 66,000 square foot building. The building is to be located on the northwest corner of 183rd Street and Dodd Boulevard. The main level of the new station will include areas for patrol, investigations, administration, evidence and property, and booking, as well as locker rooms. Almost half of the new 66,000-square-foot building will serve as secure underground parking for police department vehicles.