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File #: RES PH 18-108    Version: 1
Type: Resolution-Public Hearing Status: Passed
In control: City Council
Final action: 4/18/2018
Title: Approving a Five-Year Street Reconstruction Plan for the Fiscal Years 2018 through 2022 and granting preliminary approval to the issuance of certain General Obligation Street Reconstruction Bonds by the City.
Sponsors: Amy Brendmoen
Ward: General Obligation Bonds, Saint Paul Streets, Street Reconstruction Bonds
Attachments: 1. StP 2018 Street Reconstruction Plan
Related files: RES 18-342, RES 18-2021, RES PH 19-94
Title
Approving a Five-Year Street Reconstruction Plan for the Fiscal Years 2018 through 2022 and granting preliminary approval to the issuance of certain General Obligation Street Reconstruction Bonds by the City.

Body
WHEREAS, the City of Saint Paul, Minnesota (the “City”) annually adopts its 2018 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 2018 through 2022 (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 $14,600,000 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 2018 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 the in the SRP; and

WHEREAS, City staff has prepared the SRP with respect to the propose...

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