HomeMy WebLinkAbout2026-058CITY OF LAKE ELMO, MINNESOTA
RESOLUTION NO. 2026-058
APPROVING A STREET RECONSTRUCTION AND OVERLAY PLAN AND
GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF
STREET RECONSTRUCTION BONDS
WHEREAS, the City of Lake Elmo, Minnesota (the "City") is authorized under Minnesota Statutes,
Section 475.58, subdivision 3b, as amended (the "Act") to prepare a plan for reconstruction of streets in the
City over the next five years, including a description of the affected streets and estimated costs (the "Plan"),
and to issue general obligation bonds to finance the cost of street reconstruction activities described in the
Plan; and
WHEREAS, pursuant to the Act, the City has caused to be prepared a Five -Year Street
Reconstruction Plan for the City of Lake Elmo, Minnesota (the "Plan"), which describes expected street
reconstruction activities in the City for the years 2026 through 2030; and
WHEREAS, the City has determined that it is in its best interests to give preliminary approval to
the issuance and sale of street reconstruction bonds pursuant to the Act in the maximum principal amount
of $17,500,000 (the "Bonds"), to finance a portion of the street reconstruction and overlay costs described
in the Plan (the "Projects"); and
WHEREAS, the Act requires the City to hold a public hearing regarding the Plan and issuance of
the Bonds; and
WHEREAS, on this date, the 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 10 days but
no more than 28 days before the date of the public hearing;
NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of Lake
Elmo, Minnesota (the "City"), as follows:
Section 1. Plan Approved,
1.01. The Council finds that the Plan will improve the City's street system, 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. Bonds Authorized,
2.01. The City hereby preliminarily approves the issuance of Bonds in the maximum principal
amount of $17,500,000, in order to finance the Projects described in the Plan, including costs of issuance
of the Bonds, subject to further details regarding the sale of the Bonds to be set forth in a resolution to be
considered by the City Council at a subsequent meeting.
2.02. If a valid petition requesting an election on the question of the issuance of the Bonds, signed
by voters equal to 5% of the votes cast in the last municipal general election, is filed with the City Clerk
within 30 days after the date of the public hearing, the City may issue the Bonds under Minnesota Statutes,
4938-9932-1789.1
Section 475.58, subdivision 3b for such Projects described in the Plan currently proposed to be financed
with the Bonds only after obtaining approval of a majority of voters voting on the question at an election.
2.03. City staff are authorized and directed to take all other actions necessary to carry out the
intent of this resolution.
Approved this August 18, 2026 by the City Council of the City of Lake Elmo, Minnesota.
Mayor
ATTTEST:
Q6�-t �
i Cle1 c
4938-9932-1789.1