HomeMy WebLinkAbout2017-054 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 17-54
RESOLUTION ADOPTING A STREET RECONSTRUCTION
PLAN AND PROVIDING PRELIMINARY APPROVAL TO THE
ISSUANCE OF STREET RECONSTRUCTION BONDS
THEREUNDER
BE IT RESOLVED by the City Council of the City of Lino Lakes, 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. Pursuant to the Act, the City, in consultation with its City engineer, has caused
preparation of the "2017 through 2021 Five -Year Street Reconstruction Plan for the City of Lino Lakes,
Minnesota" (the "Plan"), which describes certain street reconstruction activities in the City for the years
2017 through 2021. The reconstruction activities described in the Plan include, but are not limited to, the
2018 Street Reconstruction Project in the City, which consists of the reconstruction of West Shadow Lake
Drive, Sandpiper Drive, Shadow Court, LaMotte Drive, and LaMotte Circle (collectively, the "Project").
Construction of the Project may take place at any time between 2017 and 2021.
1.04. The City has determined that it is in the best interests of the City to authorize the issuance
and sale of general obligation street reconstruction bonds pursuant to the Act in the maximum principal
amount of $5,124,000 (the "Bonds"). The purpose of the Bonds is to finance the costs of the Project as
described in the Plan.
1.05. On this date, the City Council held a public hearing on the Plan and the issuance 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.
Section 2. Plan Approved.
2.01. The City Council finds that the Plan will improve the City's street and utility systems,
which serves the interests of the City as a whole.
2.02. The Plan is approved in the form on file in City Hall.
Section 3. Bonds Issued under Plan.
3.01. The City hereby provides its preliminary approval to the issuance of the Bonds in a
maximum principal amount of $5,124,000 in order to finance the Project described in the Plan. The
Bonds may not be issued without further action by the City Council. Furthermore, the issuance of such
Bonds is subject to the terms of Section 3.02 hereof.
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3.02. If a petition requesting a vote on the issuance of the Bonds signed by voters equal to five
percent (5%) of the votes cast in the last municipal general election is filed with the City Clerk within
thirty (30) days after the date of the public hearing, the City may issue the Bonds only after obtaining
approval of a majority of voters voting on the question at an election. The authorization to issue the
Bonds is subject to expiration of the thirty (30) day period without the City's receipt of a qualified
petition under the Act, or if a qualified petition is filed, upon the approving vote of a majority of the
voters voting on the question of issuance of the Bonds.
3.03. City staff are authorized and directed to take all other actions necessary to carry out the
intent of this resolution.
Adopted by the City Council of the City of Lino Lakes, Minnesota this 12th day of June, 2017.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Rafferty and was duly seconded by Council Member ManthPy and upon
vote being taken thereon, the following voted in favor thereof:
Rafferty, Manthey, Maher, Reinert
The following voted against same:
none - Absent - Kusterman
ATTEST:
Jul' nne Bartell, City Cler
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Jeff Reinert, a o