HomeMy WebLinkAbout02-271 CITY OF LAKEVILLE
RESOLUTION
Date December 16, 2002 Resolution No, 02-271
Motion By Mulvihill Seconded By Rieb
RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN
ENTITLED INTERCHANGE FINANCING REPORT DATED NOVEMBER
2002 AND APPROVING THE ISSUANCE OF GENERAL OBLIGATION
BONDS
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota (the City}, as
follows:
WHEREAS, the City Council has determined that it is in the best interest of the City to
authorize the issuance and sale of street reconstruction bonds pursuant to Minnesota Statutes,
Section 475.58, subdivision 3b, as amended (the "Act"), in the approximate principal amount of
$14,890,000 (the "Bonds") to finance the cost of street reconstruction projects, as described in
the proposed street reconstruction plan described below, a copy of which is on file in the City
• Clerk's office; and
WHEREAS, pursuant to the Act, the City is authorized to issue and sell obligations for
street reconstruction under the circumstances and within the limitations set forth in the Act. The
Act provides that a street reconstruction plan maybe financed with bonds issued by the City,
following adoption of such plan, after a public hearing, and other proceedings conducted in
accordance with the requirements of the Act; and
WHEREAS, pursuant to the Act, the City, in consultation with it financial advisor, has
prepared a street reconstruction plan entitled "Interchange Financing Report" dated November
2002 (the "Plan"), to determine the funding strategy for various street reconstruction projects
(the "Projects"). The Plan recommends a number of funding sources for the Projects including
the issuance of general obligation street reconstruction bonds under the Act, in the approximate
principal amount of $14,890,000; and
WHEREAS, on December 16, 2002, this Council held a public hearing on the adoption
of the Plan and the issuance of the Bonds after publication of the notice of public hearing 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 Plan and to undertake and finance the.
Projects 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:
SECTION 1. CITY POLICIES AND GOALS. The financing of the Projects and the
issuance and sale of the Bonds would further the policies and goals of the City as set forth in the
Plan, herein adopted by this Council in connection with the issuance of the Bonds.
SECTION 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 this Council deems relevant, it is hereby found, determined and declared
that:
(a) the Projects proposed in the Plan will allow the City to upgrade its transportation
infrastructure to accommodate anticipated residential and commercial development;
and
(b) the Plan is hereby approved and adopted in the form presently on file with the City.
SECTION 3. AUTHORIZATION AND APPROVAL OF BONDS. The City is hereby
authorized to issue the Bonds, the proceeds of which will be used, together with any additional
funds ofthe City which might be required, to finance certain costs of .the Projects and to pay
costs of issuance of the Bonds. 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 bids to this Council for approval at a subsequent. meeting.
SECTION 4. EXECUTION OF DOCUMENTS. The Mayor and the City Administrator
or City Clerk are authorized and directed to execute such other documents and instruments as
may be required to give effect to the transactions herein contemplated..
SECTION 5. VOTER REFERENDUM CONTINGENCY. Pursuant to the Act, a
petition requesting a vote on the question of issuing the Bonds, signed by voters equal to five
percent of the votes cast in the last municipal general election, maybe filed. within 30 days of the
public hearing. Upon receipt of such petition within the prescribed time period, the City may
issue the Bonds only after obtaining the approval of a majority of the voters voting on the
question of the issuance of the 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
Bonds.
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APPROVED AND ADOPTED this 16th day of December, 2002.
CITY OF LAKEVILLE
By:
Robert D. Jo on, Mayor
ATTEST:
harlene Friedges, City Jerk
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