HomeMy WebLinkAbout2022-127 Council Resolution 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 4r'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.
Section 2. Amended and Restated Plan Approved.
2.01. The City Council finds that the Amended and Restated Plan will improve the City's street
and utility systems, which serves the interests of the City as a whole.
2.02. The Amended and Restated Plan is approved in the form on file in City Hall.
Section 3. Unspent Proceeds of Bonds.
3.01. The use of the unspent proceeds of the Bonds for the Additional Project as described in
the Amended and Restated Plan is hereby approved.
3.02. City staff are authorized and directed to take all other actions necessary to carry out the
intent of this resolution.
Adopted by the Council of the City of Lino Lakes this 10th day of October, 2022.
The motion for the adoption of the foregoing resolution was introduced by Councilmember Lyden and
was duly seconded by Councilmember Ruhland and upon vote being taken thereon,the following voted
in favor thereof: Ruhland,Cavegn, Stoesz,Lyden,Rafferty
The following voted against same:None
Rob Rafferty,Mayor
ATTEST:
Jufi4r4bartell, City Clerk
LN140-87(JAE)
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