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HomeMy WebLinkAboutCity Council Resolution 2001-182CITY OF PLYMOUTH RESOLUTION NO. 2001-182 AWARD CONTRACT 2001 STREET RECONSTRUCTION PROJECT AND ESTABLISHING COMPLIANCE WITH REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL REVENUE CODE CITY PROJECT NOS. 1001 & 1005 WHEREAS, pursuant to an advertisement for bids for the improvement of streets in the 2001 Street Reconstruction Project, bids were received, opened and tabulated according to law, and the following bids were received complying with the advertisement: COMPANY TOTAL BASE BID SUM OF BASE BID AND ALT. BID A Midwest Asphalt Corporation $ 1,812,702.60 $ 1,782,702.60 Doboszenski & Sons, Inc. $ 1,829,912.89 $ 1,791,912.89 Ingram Excavating $ 1,859,587.80 $ 1,989,587.80 Hardrives, Inc. $ 1,906,046.81 $ 1,837,046.81 C. S. McCrossan $ 2,012,469.40 $ 1,858,069.40 WHEREAS, it appears that Midwest Asphalt Corporation of Hopkins, MN is the lowest responsible bidder, complying with the minimum specifications. NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA THAT the appropriate City Officials are hereby authorized and directed to enter into the contract with Midwest Asphalt Corporation of Hopkins, MN in the name of the City of Plymouth for the 2001 Street Reconstruction Project according to the plans and specifications therefore approved by the City Council and on file in the office of the City Engineer in the amount of $1,812,702.60. BE IT FURTHER RESOLVED by the City Council (the "Council") of the City of Plymouth (the "City"), as follows: 1. Recitals. (a) The Internal Revenue Service has issued Section 1.150-2 of the Income Tax Regulations (the "Regulations") dealing with the issuance of bonds, all or a portion of the proceeds of which are to be used to reimburse the City for project expenditures made by the City prior to the date of issuance of the bonds. (b) The Regulations generally require that the City, as issuer of the bonds, make a declaration of its official intent to reimburse itself for such prior expenditures out of the proceeds of a subsequently issued series of bonds within 60 days after payment of the expenditures, that the bonds be issued and the reimbursement allocation be made from the proceeds of such bonds within the reimbursement period (as defined in the Regulations), and that the expenditures reimbursed be capital expenditures or costs of issuance of the bonds. (c) The City desires to comply with requirements of the Regulations with respect to certain projects to be undertaken within the City. C Documents and SettnigsinfieeseALocal Settnigs\Temp CCR 2001-18254439 4439 CCR 2001-182 doe RESOLUTION NO. 2001-182 Page 2 2. Official Intent Declaration. (a) The City expects to make original expenditures with respect to the above described projects prior to the issuance of reimbursement bonds, and the City reasonably expects to issue reimbursement bonds for such projects in the maximum principal amount shown below: Project Street Reconstruction (1001 & 1005) Maximum Amount of Bonds Expected to be Issued for Project $2,000,000 (b) Other than (i) de minimus amounts permitted to be reimbursed pursuant to Section 1.150-2(f)(1) of the Regulations or (ii) expenditures constituting preliminary expenditures as defined in Section 1.150-2(f)(2) of the Regulations, the City will not seek reimbursement for any original expenditures with respect to the foregoing projects paid more than 60 days prior to the date of adoption of this resolution. All original expenditures for which reimbursement is sought will be capital expenditures or costs of issuance of the reimbursement bonds. 3. Budgetary Matters. As of the date hereof, there are no City fiends reserved, pledged, allocated on a long term basis or otherwise set aside (or reasonably expected to be reserved, pledged, allocated on a long term basis or otherwise set aside) to provide permanent financing for the original expenditures related to the projects, other than pursuant to the issuance of the reimbursement bonds. Consequently, it is not expected that the issuance of the reimbursement bonds will result in the creation of any replacement proceeds. 4. Reimbursement Allocations. The City's financial officer shall be responsible for making the "reimbursement allocations" described in the Regulations, being generally the transfer of the appropriate amount of proceeds of the reimbursement bonds to reimburse the source of temporary financing used by the City to make payment of the original expenditures relating to the projects. Each reimbursement allocation shall be made within 30 days of the date of issuance of the reimbursement bonds, shall be evidenced by an entry on the official books and records of the City maintained for the reimbursement bonds and shall specifically identify the original expenditures being reimbursed. FURTHER BE IT RESOLVED that the fiunding is as follows: Utility Trunk Fund (watermain repair) $ 147,400 Infrastructure Replacement Fund (Eng. & Adm.) 321,400 Bond Proceeds 2,000,000 $ 2,468,800 Adopted by the City Council on May 8, 2001. C Documents and SettnigsinfieeseALocal Settnigs\Temp CCR 2001-18254439 4439 CCR 2001-182 doe