10-10-2022 City Council Packet - Laserfiche WebLink

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City of Lino Lakes Amended and Restated Five -Year Street Reconstruction Plan 2020 through 2024 I. PURPOSE Street reconstruction is a major expenditure of city funds for the reconstruction of streets. Street reconstruction may include bituminous overlays, utility replacement and relocation, public safety street modifications, and other incidental activities, turn lanes and other improvements having a substantial public safety function, realignments, other modifications to intersect with state and county roads, and the local share of state and county road projects. Except in the case of turn lanes, safety improvements, realignments, intersection modifications, and local share of state and county road projects, street reconstruction does not include the portion of project costs allocable to widening a street or adding curbs and gutters where none previously existed. A Street Reconstruction Plan ("SRP") is a document designed to anticipate street reconstruction expenditures and schedule them over a five-year period so that they may be purchased in the most efficient and cost effective method possible. An SRP helps enable the matching of expenditures with anticipated income. As potential expenditures are reviewed, the city considers the benefits, costs, alternatives and impact on operating expenditures. The City of Lino Lakes, Minnesota (the "City") believes the street reconstruction process is an important element of responsible fiscal management. Major capital expenditures can be anticipated and coordinated so as to minimize potentially adverse financial impacts caused by the timing and magnitude of capital outlays. This coordination of capital expenditures is important to the City in achieving its goals of adequate physical public assets, preservation of public assets and sound fiscal management. Good planning is essential for the wise and prudent use of limited financial resources. The SRP is designed to be updated periodically. The Street Reconstruction Plan is a part of the City's capital improvement plan. In this manner, it becomes an ongoing fiscal planning tool that continually anticipates future capital expenditures and funding sources. On June 22, 2020, the City approved an SRP for the years 2020 through 2024. On July 15, 2021, the City issued its General Obligation Street Reconstruction Bonds, Series 2021A (the "Bonds"), in the original aggregate principal amount of $1,849,515,000 to finance the street reconstruction improvements originally described therein. Following completion of the bond -financed street reconstruction improvements, proceeds of the Bonds in the amount of $437,000.00 remain outstanding. The City is amending the original SRP, as set forth herein, to authorize the expenditure of the unspent proceeds of the Bonds to finance additional street reconstruction improvements.