HomeMy WebLinkAboutResolution 23-058 CITY OF LINO LAKES, MINNESOTA
RESOLUTION NO. 23-58
RESOLUTION ADOPTING A STREET
RECONSTRUCTION PLAN AND AUTHORIZING THE
ISSUANCE OF STREET RECONSTRUCTION BONDS
THEREUNDER
WHEREAS,the City of Lino Lakes (the "City") is authorized under Minnesota Statutes, Section
475.58, subdivision 3b, as amended (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.
WHEREAS, 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.
WHEREAS, pursuant to the Act, the City, in consultation with its City engineer, has caused
preparation of a five-year street reconstruction plan for the City (the "Plan"), which describes
certain street reconstruction and bituminous overlay activities in the City for the period June 1,
2024 to June 1, 2028. The reconstruction activities described in the Plan include but are not
limited to the (i) reconstruction of streets in the Pine Haven Area including 81 Sc Street, Elbe
Street, Danube Street and Red Maple Lane by required upgrades of the existing stormwater
management system and curb replacement, and bituminous surfacing; and (ii) bituminous
overlays for Diane Street and Evergreen Trail (collectively, the "Project").
WHEREAS, the City has determined that it is in the best interests of the City to authorize the
issuance and sale of one or more series of general obligation street reconstruction bonds (the
"Street Reconstruction Bonds") pursuant to the Act in the maximum principal amount of
$4,550,000, plus any premium received by the City. The purpose of the Street Reconstruction
Bonds is to finance the costs of the Project as described in the Plan.
WHEREAS, on the date hereof, the City Council held a public hearing on the Plan and the
issuance of the Street Reconstruction Bonds, after publication in the City's official newspaper of
a notice of public hearing at least 10 days but no more than 28 days before the date of the
hearing.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes as
follows:
Section 1. Plan Approved.
1.01. 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.
1.02. The Plan is approved in the form on file in City Hall.
Section 2. Street Reconstruction Bonds Authorized.
2.01. The City is authorized to issue the Street Reconstruction Bonds in a maximum
principal amount of$4,550,000, plus any premium received by the City, in order to finance the
Project described in the Plan. City staff, its municipal advisor, and its legal counsel are
authorized to take all actions needed to call for the sale of the Street Reconstruction Bonds,
subject to the contingency described in Section 3.02 hereof.
2.02. If a petition requesting a vote on the issuance of the Street Reconstruction 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 Street Reconstruction Bonds only after obtaining approval of a majority of voters
voting on the question at an election. The authorization to issue the Street Reconstruction 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 Street Reconstruction Bonds.
2.03. 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 this 26th day of June, 2023.
Ma or,R b Rafferty
ATTEST:
City Clerk, Jolleen Chaika
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