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Approving a Five-Year Street Reconstruction Plan for the Fiscal Years 2020 through 2024 and granting preliminary approval to the issuance of certain General Obligation Street Reconstruction Bonds by the City.
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WHEREAS, the City of Saint Paul, Minnesota (the “City”) annually adopts its Capital Improvement Budget and Program (the “CIB”) which plans for certain street improvement and street reconstruction projects and the City for a five-year period; and
WHEREAS, Minnesota Statutes, Section 475.58, Subd. 3b, as amended (the “Street Reconstruction Act”) authorizes the City to issue general obligation street reconstruction bonds for the funding of street reconstruction and bituminous overlays if certain conditions are met, including the adopting of a five year street reconstruction plan after a public hearing on such street reconstruction plan; and
WHEREAS, the City has created a Five-Year Street Reconstruction Plan for the Fiscal Years 2020 through 2024 (the “SRP”) to identify the anticipated street reconstruction projects in the City for the next five years and provide for necessary street reconstruction expenditures and to economically schedule those anticipated expenditures over the five-year period; and
WHEREAS, the City wishes to issue up to $20,000,000 of General Obligation Street Reconstruction Bonds (the “Street Reconstruction Bonds”) pursuant to the provisions of the Street Reconstruction Act and Minnesota Statues, Chapter 475, as amended, for the purpose of (i) funding certain street reconstruction projects in the City identified in the SRP, and (ii) paying costs of issuance of the Street Reconstruction Bonds; and
WHEREAS, the Street Reconstruction Act requires that the City Council of this City hold a public hearing with respect to the SRP and the issuance of the Street Reconstruction Bonds in order to finance the projects set forth in the SRP; and
WHEREAS, City staff has prepared the SRP with respect to the proposed street reconstruction proj...
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