2018-130 Council Resolution - Laserfiche WebLink

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RESOLUTION NO. 18-130 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS, SERIES 2018A, IN THE PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $7,169,000 BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City") as follows: 1. Street Reconstruction Bonds. (a) Pursuant to Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt Act"), specifically Section 475.58, subdivision 3b, the City is authorized to fmance all or a portion of the cost of street reconstruction projects by the issuance of general obligation bonds of the City payable from ad valorem taxes. (b) On June 12, 2017, following a duly noticed public hearing, the City Council of the City adopted the "2017-2021 Five -Year Street Reconstruction Plan for the City of Lino Lakes, Minnesota" (the "Plan") describing the streets to be reconstructed, estimated costs, and any planned reconstruction of other streets in the City and approved the issuance of obligations by vote of at least a two-thirds majority of the members of the City Council, all pursuant to the Municipal Debt Act. (c) Expenditures described in the Plan for 2018 include, among other projects, the reconstruction projects designated as West Shadow Lake Drive, Sandpiper Drive, Shadow Court, LaMotte Drive, and LaMotte Circle (collectively, the "Street Reconstruction"). The City estimates that the total cost of the Street Reconstruction for 2018 is $5,124,000. (d) The City Council has determined that, within thirty (30) days after the hearing, no petition for a referendum on the issuance of bonds to pay costs of the Street Reconstruction was received by the City in accordance with Section 475.58, subdivision 3b or the Municipal Debt Act. (e) The City Council finds it necessary and expedient to the sound financial management of the affairs of the City to issue obligations in the proposed principal amount of $5,124,000 (the "Street Reconstruction Bonds"), pursuant to the Municipal Debt Act, to provide financing for the Street Reconstruction. 2. Utility Revenue Bonds. (a) The City engineer has recommended the construction of various improvements to the City's sanitary sewer and water systems, including but not limited to the construction of water and sanitary sewer improvements related to the Street Reconstruction (the "Utility Improvements"), pursuant to the Municipal Debt Act and Minnesota Statutes, Chapter 444, as amended (collectively, the "Utility Revenue Act"). (b) The City Council finds it necessary and expedient to the sound financial management of the affairs of the City to issue obligations in the proposed principal amount of $2,045,000 (the "Utility Revenue Bonds"), pursuant to the Utility Revenue Act, to provide financing for the Utility Improvements. 2