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Approving a Five-Year Street Reconstruction Plan for the fiscal years 2023 through 2027 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 in 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 2023 through 2027 (the “2023 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 $29,500,000 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 and mill and overlay projects in the City identified in the 2023 SRP, (ii) funding certain street reconstruction projects in the City identified in the City’s 2022-2026 street reconstruction plan that were previously approved after a public hearing on December 8, 2021, and (iii) paying costs of issuance of the Street Reconstruction Bonds; and
WHEREAS, Street Reconstruction Bonds are anticipated to include (a) $13,000,000 of general ob...
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