10-10-2022 City Council Packet - Laserfiche WebLink

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II. THE STREET RECONSTRUCTION PLANNING PROCESS For the City to use its authority to finance expenditures under Chapter 475.58, Subdivision 3b, it must meet the requirements provided therein. The street reconstruction planning process is as follows: The City staff prepares an SRP reflecting the street reconstruction projects anticipated to be undertaken within the next five years (based on their priority, fiscal impact, and available funding) and the estimated costs thereof. If general obligation bonding is deemed necessary, the City works with its financial advisor to prepare a bond sale and repayment schedule. A public hearing is held to solicit input from citizens on the SRP and the issuance of bonds. Notice of such hearing must be published in the official newspaper of the City at least 10, but not more than 28 days prior to the date of the public hearing. The City Council must approve the SRP and the sale of street reconstruction bonds by a unanimous vote of those members present at the meeting following the public hearing. Voters may petition for a reverse referendum on the issuance of street reconstruction bonds. If a petition bearing the signatures of voters equal to at least 5% of the votes cast in the last general election requesting a vote on the issuance of street reconstruction bonds is received by the City Clerk within 30 days after the public hearing, the City may only issue general obligation street reconstruction bonds after approval by voters at an election. If no petition is submitted, general obligation street reconstruction bonds may be issued without an election. In subsequent years, the process is repeated annually or as expenditures are completed and new needs arise. III. PROJECT SUMMARY AND FINANCING Street reconstruction projects anticipated to be undertaken within the next five years and the estimated costs thereof are set forth in Appendix A. A map of the proposed project streets is included in Appendix B. Those for which street reconstruction bonds are anticipated to be issued are marked with an asterisk in Appendix A and are currently anticipated to include the following: 2021 Street Reconstruction Bond Financed Expenditures — The 2021 Street Reconstruction Project includes the reconstruction of the following streets; 4th Avenue (Main Street to Pine Street) by required upgrades of the existing stormwater management system and curb replacement, and bituminous surfacing. General obligation street reconstruction bonds are proposed to be issued in 2021 in an aggregate principal amount of approximately $2,600,000.00 for the costs of the 4th