16-11194r RESOLUTION NO. 11194
RESOLUTION OF THE CITY OF RICHFIELD ADOPTING A
STREET RECONSTRUCTION PLAN AND AUTHORIZING
ISSUANCE OF STREET RECONSTRUCTION BONDS
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
financed under the Act, including a description of the proposed work and estimated costs, and to issue
general obligation bonds to finance 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 a 5-Year Street Reconstruction Plan dated April 12,2016(the"Plan"),which describes
certain street reconstruction activities in the City for the years 2017 through 2021. The reconstruction
activities described in the Plan include the reconstruction of the following projects identified for
completion during 2017-2019 for which it seeks to issue general obligation bonds to finance in part the
costs of the following projects:
• 66th Street Reconstruction(2017-2020)
• Residential Mill&Overlay(3 years of 6 year project)(2018-2020)
1.04. The City has determined that it is in the best interests of the City to authorize the issuance
and sale of street reconstruction bonds pursuant to the Act in the maximum principal amount of
$22,100,000 (the "Bonds"). The purpose of the Bonds is to finance the costs of the projects identified for
reconstruction during 2017-2019 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 amount of$22,100,000 in order
to finance the 2017-2019 projects described in the Plan. City staff, its financial advisor, and its legal
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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
3.02. If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to five
percent 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 this 12th day of April, 2016.
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Debbie Goettel,Mayor
ATTEST:
V (141h
Elizabeth Loose, City Clerk
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