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HomeMy WebLinkAboutCity Council Resolution 2003-203CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE I, the undersigned, being the duly qualified and acting recording officer of the City of Plymouth, Minnesota (the "City"), hereby certify that the attached resolution is a true copy of Resolution No. 2003-203, entitled: "RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND APPROVING AND AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2003X" (the "Resolution"), on file in the original records of the City in my legal custody; that the Resolution was duly adopted by the City Council of the City at a meeting on April 22, 2003, and that the meeting was duly held by the City Council and was attended throughout by a quorum, pursuant to call and notice of such meeting given as required by law; and that the Resolution has not as of the date hereof been amended or repealed. I further certify that upon vote being taken on the Resolution at said meeting, the following Councilmembers voted in favor thereof. All members voted in favor. and the following voted against the same: and the following abstained from voting thereon or were absent: WITNESS my hand officially this 22nd day of April, 2003. City Clerk RESOLUTION NO. 2003-203 RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND APPROVING AND AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2003A BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"), as follows: WHEREAS, pursuant to the Minnesota Statutes, Section 475.58, subdivision 3b, as amended (the "Act"), the City is authorized to issue and sell obligations for street reconstruction under the circumstances and within the limitations set forth in the Act. The Act provides that a street reconstruction plan may be financed with bonds issued by the City, following adoption of such plan, after a public hearing, and other proceedings conducted in accordance with the requirements of the Act; and WHEREAS, pursuant to the Act, the City has prepared a street reconstruction plan (the "Plan"), to determine the funding strategy for various street reconstruction projects (the "Project"). The Plan recommends a number of funding sources for the Project including the issuance of general obligation street reconstruction bonds under the Act, in the approximate principal amount of $1,465,000; and WHEREAS, on April 22, 2003, this Council held a public hearing on the adoption of the Plan and the issuance of the Bonds after publication of the notice of public hearing not less than 10 days nor more than 28 days prior to the date thereof in the City's official newspaper; and WHEREAS, all parties who appeared at the hearing were given an opportunity to express their views with respect to the proposal to adopt the Plan and to undertake and finance the Projects and any written comments submitted prior to the hearing were considered. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota, as follows: SECTION 1. CITY POLICIES AND GOALS. The City Council hereby finds that it is in the best interest of the City to adopt the Plan and authorize the issuance and sale of street reconstruction bonds in the approximate principal amount of $1,465,000 (the "Bonds") to finance the cost of the Project. The financing of the Project and the issuance and sale of the Bonds would further the policies and goals of the City as set forth in the Plan, herein adopted by this Council in connection with the issuance of the Bonds. SECTION 2. ADOPTION OF STREET RECONSTRUCTION PLAN. Based on information received at the public hearing, such written comments (if any) and such other facts and circumstances as this Council deems relevant, it is hereby found, determined and declared that: (a) the Projects proposed in the Plan will allow the City to upgrade its transportation infrastructure to accommodate anticipated residential and commercial development; and (b) the Plan is hereby approved and adopted in the form presently on file with the City. SECTION 3. AUTHORIZATION AND APPROVAL OF BONDS. The City is hereby authorized to issue the Bonds, the proceeds of which will be used, together with any additional funds of the City which might be required, to finance certain costs of the Projects and to pay costs of issuance of the Bonds. City staff is hereby authorized, in consultation with the City's financial advisor and legal counsel, to take all necessary action to call for the sale of the Bonds and to present bids to this Council for approval at a subsequent meeting. SECTION 4. TERMS OF PROPOSAL. Springsted Incorporated, financial consultant to the City, has presented to this Council a form of Terms of Proposal for the Bonds which is attached hereto and hereby approved and shall be placed on file by the Clerk. Each and all of the provisions of the Terms of Proposal are hereby adopted as the terms and conditions of the Bonds and of the sale thereof. Springsted Incorporated, as independent financial advisers, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9) is hereby authorized to solicit bids for the Bonds on behalf of the City on a negotiated basis. SECTION 5. SALE MEETING. This Council shall meet at the time and place shown in the Terms of Proposal, for the purpose of considering sealed bids for the purchase of the Bonds and of taking such action thereon as may be in the best interests of the City. SECTION 6. EXECUTION OF DOCUMENTS. The Mayor and the City Manager or City Clerk are authorized and directed to execute such other documents and instruments as may be required to give effect to the transactions herein contemplated. 2 SECTION 7. VOTER REFERENDUM CONTINGENCY. Pursuant to the Act, a petition requesting a vote on the question of issuing the Bonds, signed by voters equal to five percent of the votes cast in the last municipal general election, may be filed within 30 days of the public hearing. Upon receipt of such petition within the prescribed time period, the City may issue the Bonds only after obtaining the approval of a majority of the voters voting on the question of the issuance of the Bonds. The authorizations and approvals contained herein are subject to and contingent upon not receiving such a petition, or, in the event such a petition is filed, the approving vote of a majority of the voters voting on the question of the issuance of the Bonds. Adopted this 22nd day of April, 2003.