16-24 - 04-19 - Street Reconstruction Plan Resolution 16-24 April 19, 2016
Member Snope introduced the following resolution and moved its adoption:
RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN
AND AUTHORIZING THE ISSUANCE AND SALE OF
STREET RECONSTRUCTION BONDS
BE IT RESOLVED by the City Council, City of Golden Valley, Minnesota (the City),
as follows:
SECTION 1. FINDINGS. On the date hereof, the City held a public hearing on (i) the
issuance of its bonds, in one or more series (the Bonds), under Minnesota Statutes,
Chapter 475.58, Subdivision 3b, as amended (the Act), in order to finance the costs of
street reconstruction projects, as described in the proposed street reconstruction plan (the
Project) and (ii) the proposed street reconstruction plan prepared with respect to the Project
(the Plan). 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 undertake and finance the
Project, and any written comments submitted prior to the hearing were considered. The
City hereby adopts the Plan.
SECTION 2. PURPOSE. It is hereby determined to be in the best interests of the City to
issue its General Obligation Street Reconstruction Bonds, Series 2016C (the Bonds), in the
principal amount not to exceed $5,630,000, to finance the costs 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.
SECTION 3. SALE. Springsted Incorporated is hereby authorized, pursuant to Minnesota
Statutes, Section 475.60, Subdivision 2, paragraph (9), to solicit proposals for the Bonds on
behalf of the City on a competitive basis without requirement of published notice. The
Council shall meet at the time and place shown in the materials prepared for the Bonds for
the purpose of considering proposals for the purchase of the Bonds and of taking such
action thereon as may be in the best interests of the City.
SECTION 4. EXECUTION OF DOCUMENTS. The Mayor and the 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.
SECTION 5. 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 City 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.
Resolution No. 16-24 -2- April 19, 2016
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hepar fM. Harris, M yor
ATTEST:
ri tine A. Luedke, City Clerk
The motion for adoption of the foregoing resolution was seconded by Member Schmidgall
and upon a vote being taken thereon, the following voted in favor thereof: Harris. Snope,
Schmidgall, Fonnest and Clausen and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and his signature attested by the City Clerk.