14-10974r CITY OF RICHFIELD,MINNESOTA
RESOLUTION NO.10 9 74
RESOLUTION ADOPTING A STREET RECONSTRUCTION
PLAN AND AUTHORIZING ISSUANCE OF STREET
RECONSTRUCTION BONDS THEREUNDER
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota (the "City"), as
follows:
Section 1. Background.
1.01. The City is authorized under Minnesota Statutes, Section 475.58, subdivision 3b (the
"Act")to prepare a plan for street reconstruction in the City over the next five years that will be fmanced
under the Act, including a description of the proposed work and estimated costs, and to issue general
obligation bonds to fmance the cost of street reconstruction activities described in the plan.
1.02. 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.
1.03. Pursuant to the Act, the City, in consultation with its City engineer, has caused
preparation of the "Five Year Street Reconstruction Plan 2015 — 2019 Projects" (the "Plan"), which
describes certain street reconstruction activities in the City for the years 2015 through 2019. The
reconstruction activities described in the Plan include, but are not limited to, the mill and overlay of
residential streets in the City and reconstruction of 69th Street, Portland Avenue, 76th Street West, 66th
Street,65th Street Central,and Nicollet Avenue(collectively,the"Project").
1.04. The City has determined that it is in the best interests of the City to authorize the issuance
and sale of general obligation street reconstruction bonds pursuant to the Act in the maximum principal
amount of$15,000,000 (the "Bonds"). The purpose of the Bonds is to finance the costs of the Project as
described in the Plan.
1.05. On this date, the City 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 hearing.
Section 2. Plan Approved.
2.01. The City Council finds that the Plan will improve the City's street system, which serves
the interests of the City as a whole.
2.02. The Plan is approved in the form on file in City Hall.
Section 3. Bonds Authorized.
3.01. The City is authorized to issue the Bonds in a maximum principal amount of
$15,000,000, in order to finance the Project described in the Plan. City staff, its financial advisor, and its
legal counsel are authorized to take all actions needed to call for the sale of the Bonds, subject to the
contingency described in Section 3.02 hereof.
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3.02. If a petition requesting a vote on the issuance of the 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 30
days after the date of the public hearing,the City may issue the Bonds only after obtaining approval of a
majority of voters voting on the question at an election. The authorization to issue the Bonds is subject to
expiration of the 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 Bonds.
3.03. 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 Richfield, Minnesota this 23rd day of September,
2014.
Deb le Goettel,Mayor
ATTEST:
L1. A
Nancy Gibbs/ fly Clerk
449702v1 JAE RC145-683 2