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The City of Little Canada, Minnesota (the "City") believes the street <br />reconstruction and overlay process is an important element of responsible <br />fiscal management. Major capital expenditures can be anticipated and <br />coordinated so as to minimize potentially adverse financial impacts caused by <br />the timing and magnitude of capital outlays. This coordination of capital <br />expenditures is important to the City in achieving its goals of adequate <br />physical assets and sound fiscal management. In these financially difficult <br />times good planning is essential for the wise use of limited financial <br />resources. <br />The Street Reconstruction Plan is designed to be updated on an annual basis. <br />In this manner, it becomes an ongoing fiscal planning tool that continually <br />anticipates future capital expenditures and funding sources. <br />III. THE STREET RECONSTRUCTION PLANNING PROCESS <br />The street reconstruction planning process is as follows; the City Council <br />authorizes the preparation of the SRP. The City staff is instructed to assemble <br />the capital expenditures to be undertaken within the next five years. The City <br />Council then reviews the expenditures according to their priority, fiscal <br />impact, and available funding. From this information, a preliminary street <br />reconstruction plan is prepared. A public hearing is held to solicit input from <br />citizens and other governmental units. Changes are made based on that input, <br />and a final project list is established. <br />The City Council then prepares a plan based on the available funding sources. <br />If general obligation bonding is necessary, the City works with its financial <br />advisor to prepare a bond sale and repayment schedule. Over the life of the <br />SRP, once the funding, including proceeds from the bond sales become <br />available, the individual capital expenditures can be made. <br />In subsequent years, the process is repeated as expenditures are completed as <br />new needs arise. Street reconstruction and overlay planning looks five years <br />into the future. <br />For a city to use its authority to finance expenditures under Chapter 475.58, <br />Subdivision 3b, it must meet the requirements provided therein. Specifically, <br />the city council must approve the sale of street reconstruction bonds by a <br />unanimous vote of its membership present. In addition, it must hold a public <br />Ehlers & Associates, Inc. 7 Page 4 <br />