04-22-2015 Council Packet - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF LITTLE CANADA, MINNESOTA HELD: April 22, 2015 Pursuant to due call, a regular or special meeting of the City Council of the City of Little Canada, Ramsey County, Minnesota, was duly called and held at the City Hall in Little Canada, Minnesota on April 22, 2015, at 7:30 p.m. for the purpose, in part, of adopting a street reconstruction plan and authorizing issuance of street reconstruction bonds. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND APPROVING THE ISSUANCE OF GENERAL OBLIGATION STREET RECONSTRUCTION BONDS WHEREAS, the City of Little Canada, Minnesota (the "City"), has determined that it is in the best interest of the City to authorize the issuance and sale of general obligation street reconstruction bonds pursuant to Minnesota Statutes, Section 475.58, subdivision 3b, as amended (the "Act"), to finance the cost of street reconstruction projects, as described in the proposed street reconstruction plan described below, a copy of which is on tile in the City Administrator's office; and WHEREAS, pursuant to the Act, the City is authorized to issue and sell general obligation street reconstruction bonds for street reconstruction under the circumstances and within the limitations set forth in the Act. The Act provides that a street reconstruction plan may be financed with general obligation street reconstruction bonds, following adoption of a street reconstruction plan, after a public hearing on the street reconstruction plan and on the issuance of general obligation street reconstruction bonds and other proceedings conducted in accordance with the requirements of the Act; and WHEREAS, pursuant to the Act, the City has prepared a five year street reconstruction plan, which describes the streets to be reconstructed, the estimated costs and any planned reconstruction of other streets in the City, including the issuance of general obligation street reconstruction bonds under the Act (the "Plan"), to determine the funding strategy for street reconstruction projects; and WHEREAS, on April 22, 2015, the City Council held a public hearing on the adoption of the Plan and the issuance of not to exceed approximately $3,000,000 general obligation street reconstruction bonds (the "Bonds") under the Plan for street reconstruction improvements to those streets described in the Plan (the "Street Reconstruction Projects") after publication of the notice of public hearing not less than 10 days nor more than 28 days prior to the date thereof in the City's official newspaper; and 1 7033747v