10-10-2022 City Council Packet - Laserfiche WebLink

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CITY OF LINO LAKES RESOLUTION NO.22-127 RESOLUTION ADOPTING AN AMENDED AND RESTATED STREET RECONSTRUCTION PLAN AND PROVIDING FOR THE USE OF UNSPENT PROCEEDS OF THE GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2021A BE IT RESOLVED by the City Council (the "City Council") of the City of Lino Lakes (the "City"), as follows: Section 1. Background. 1.01. The City is authorized under Minnesota Statutes, Section 475.58, subdivision 3b (the "Act"), to prepare a plan for street reconstruction in the City over the next five years that will be financed under the Act, including a description of the proposed work and estimated costs, and to issue general obligation bonds to finance the cost of street reconstruction activities described in the plan. 1.02. Before the issuance of any bonds under the Act, the City is required to hold a public hearing on the plan and issuance of the bonds. 1.03. On June 22, 2020, following a duly noticed public hearing, the City Council adopted a resolution approving a five-year street reconstruction plan (the "Original Plan"), which described certain street reconstruction activities in the City for the years 2020 through 2024. The reconstruction activities described in the Original Plan included, but were not limited to reconstruction of 4' Avenue, Karth Road, Joyer Lane, Talle Lane, Canfield Road, and Gaage Lane Drive Improvements (collectively, the "Original Proj ect"). 1.04. On July 15, 2021, the City issued its General Obligation Street Reconstruction Bonds, Series 2021A (the "Bonds"), in the original aggregate principal amount of $1,849,000, the proceeds of which were used to finance the Original Project described in the Original Plan. 1.05. Construction of the Original Project has been completed, and the City has determined that there are unspent proceeds of the Bonds in the amount of $437,000. The City has determined to use the unspent proceeds of the Bonds to finance street reconstruction activities for Pheasant Run from Birch Street to its northern terminus (the "Additional Project"). The City does not expect to issue additional bonds to finance the Additional Project. 1.06. In order to authorize the use of the unspent proceeds of the Bonds for the Additional Project, the City has prepared an Amended and Restated 2020 through 2024 Five -Year Street Reconstruction Plan (the "Amended and Restated Plan"), which amends and restates the Original Plan. 1.07. On the date hereof, the City Council held a public hearing on the Amended and Restated Plan and the use of the unspent proceeds of the Bonds, after publication in the City's official newspaper of a notice of public hearing at least ten (10) days but no more than twenty-eight (28) days before the date of the hearing.