07-10 Resolution No. 11522
RESOLUTION NO. 11522
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 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 June 15, 2018 (the “Plan”),
which describes certain street reconstruction activities in the City for the years 2019 through
2023. The reconstruction activities described in the Plan include, but are not limited to, the
reconstruction of the following projects identified for completion during 2019-2020 for which it
seeks to issue general obligation bonds to finance in part the costs of the following projects:
66th Street Reconstruction (2019)
Lyndale Avenue Reconstruction (2019 – 2020)
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 $12,500,000 (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
$12,500,000, 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.
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 10th day of July, 2018.
Pat Elliott, Mayor
ATTEST:
� D
Kari Sinning, D i y Clerk
Resolution No. 11522