08-11-14 Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 6C STAFF ORIGINATOR: Michael Grochala MEETING DATE: August 11, 2014 TOPIC: Consider Resolution No. 14-89, Calling for Special Election, Shenandoah Area Improvements (5 —Year Street Reconstruction Plan 2015 — 2019) VOTE REQUIRED: Simple Majority INTRODUCTION Staff is requesting City Council consideration to approve a 5 Year Street Reconstruction Plan and preliminary authorization to issue bonds. BACKGROUND On June 23, 2014 the City Council held a public hearing and took action to adopt Resolution No. 14-65 approving the 5 Year Street Reconstruction Plan (2015 — 2019) and provide preliminary authorization for the issuance of $3,150,000 in General Obligation Bonds. The proposed project would include the reconstruction of streets in the Shenandoah Area. Under Minnesota Statutes Chapter 475, if a petition requesting a vote on the issuance is signed by voters equal to five percent of the votes cast in the last municipal general election and is filed with the City within 30 days of the public hearing, the City can only issue the bonds if approved by election. The City did receive a petition with the requisite number of signatures requesting the vote. 79 signatures where required and the City Clerk has verified a total of 111 on the petition. The Council has two options: 1) The council may place the question on the 2015 ballot for consideration by the voters of the city. If the ballot measure passes, the City can issue bonds for the project. If the question fails the same project, in the same amount, cannot be submitted to the voters for a period of 180 days. If it fails a second time it cannot be submitted for a period of one year from the second election; or 2) The council may elect not to submit the question to the voters. In this instance the City cannot propose issuance of bonds for the same purpose and amount for a period of 365 days from the date the petition was received. 447831v1 JAE LN140-111