10-12 Resolution No. 11891
RESOLUTION NO.
RESOLUTIONADOPTINGASTREET
RECONSTRUCTION PLANANDPROVIDING
PRELIMINARY APPROVALFOR THE ISSUANCE OF
STREET RECONSTRUCTIONBONDS THEREUNDER
BEITRESOLVEDby the City Council of the City of Richfield,Minnesota (the
as follows:
Section 1.Background.
1.01.The City is authorized under Minnesota Statutes, Section 475.58,
subdivision 3b (theCity over the
next five years that will be financed under the Act, including adescription 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
holda 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 five-year street reconstruction plan(the
describes certain street reconstruction activities in the City for the years 2022through
2026. The reconstruction activitiesdescribed in the Planfor years2022-2023include,
th
but are not limited to,the reconstruction of 65Street in the City.
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 (the
maximum principal amount of $6,500,000, and any
premium received by the City. 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
public hearing at least ten (10)days but no more than twenty-eight (28)days before the
date of the hearing.
Section 2.Plan Approved.
2.01.The City 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.BondsAuthorized.
3.01.The City is authorized to issue the Bondsin a maximum principal amount
of $6,500,000, in order to finance the Projectdescribed in the Plan. City staff, its
municipaladvisor,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 thirty (30)days after the date of the public hearing, the
City may issue the Bondsonly after obtainingapproval of a majority of voters voting on
the question at an election. The authorization to issue the Bondsis subject to expiration
of the thirty (30)
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 12thday of
October, 2021.
Maria Regan Gonzalez, Mayor
ATTEST:
Kari Sinning, City Clerk