08/11/2010 Council Packet (2) - Laserfiche WebLink

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improvements. Accordingly, the total amount proposed to be funded by the City of Lino Lakes, including bond issuance cost, is estimated at $1,840,000. The estimate includes contingencies to account for unknowns due to the conceptual nature of the plans and the probable construction start date of 2012. Local funding for the project is proposed to be provided by the issuance of General Obligation Bonds payable from the collection of property taxes. No special assessments are being proposed. Minnesota Statutes, Chapter 475 includes provisions that allow the city to fund improvements in this manner subject to voter approval. The City's Bond Counsel, Kennedy & Graven, has prepared the required resolution Calling for the Special Election. Resolution 10 -71 includes both projects in one ballot question. Alternatively, Resolution 10 -71 B, provides a separate ballot question for each project. The bond amount listed in each resolution is a not to exceed number. The resolution provides authority to issue bonds up to the not to exceed amount. If project costs are higher than estimated, the City would need to either find alternative funding or hold an additional election. If project costs are lower than the authorized amount, the City would only issue bonds in the amount necessary to cover the improvement costs. The adopted resolution must be submitted to Anoka County prior to August 20, 2010 to be included on the November 2, 2010 election ballot. RECOMMENDATION Adopt Resolution No. 10 -71 ATTACHMENTS 1. Resolution No. 10 -71 (Option A) 2. Resolution No. 10 -71 (Option B) 3. Birch/Ware Intersection Layout and estimate 4. Lake /Main Intersection Layout and estimate • • •