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23 <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 Street Reconstruction Plan (SRP). The City <br />staff is instructed to assemble the capital expenditures to be undertaken within <br />the next five years. The City Council then reviews the expenditures according <br />to their priority, fiscal impact, and available funding. From this information, a <br />preliminary street reconstruction plan is prepared. A public hearing is held to <br />solicit input from citizens and other governmental units. Changes are made <br />based on that input, 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 becomes <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 planning looks five years into the <br />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 at the meeting. In addition, it must <br />hold a public hearing for public input. Notice of such hearing must be <br />published in the official newspaper of the city at least 10, but not more than 28 <br />days prior to the date of the public hearing. The city council approves the <br />SRP unanimously following the public hearing. <br />Although a referendum is not required, a reverse referendum is allowable. If a <br />petition bearing the signatures of at least 5 percent of the votes cast in the last <br />general election requesting a vote on the issuance of bonds is received by the <br />municipal clerk within 30 days after the public hearing, a referendum vote on <br />the issuance of the bonds shall be called (if a vote is taken and the referendum <br />passes, the taxes would be levied on market value rather than tax capacity). <br />Ehlers & Associates, Inc. Page 5 <br />