11-10547r RESOLUTION NO. 10547
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 August 9, 2011
(the "Plan"), which describes certain street reconstruction activities in the City for the
years 2012 through 2016. The reconstruction activities described in the Plan include
the reconstruction of 76th Street East between Cedar Avenue and 12th Avenue in the
City (the "76th Street East Project").
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$2,150,000 (the "Bonds"). The purpose of the Bonds is to
finance the costs of the 76th Street East 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$2,150,000, in order to finance the 76th Street East 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 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 9th day of
August, 2011.
it
Debbie Goettel, Mayor
ATTEST:
Nancy Gibbs ity Clerk