Resolution - #15-03-061 - 03/10/2015

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Councilmember Riley introduced the following resolution and moved for its adoption: RESOLUTION #15-03-061 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF RAMSEY, MINNESOTA HELD: March 10, 2015 Pursuant to due call, a regular or special meeting of the City Council of the City of Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall in Ramsey, Minnesota on March 10, 2015, at 7:00 p.m. for the purpose, in part, of adopting a street reconstruction plan and authorizing issuance of street reconstruction bonds. RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND APPROVING THE ISSUANCE OF GENERAL OBLIGATION STREET RECONSTRUCTION BONDS WHEREAS, the City of Ramsey, Minnesota (the "City"), has determined that it is in the best interest of the City to authorize the issuance and sale of general obligation street reconstruction bonds pursuant to Minnesota Statutes, Section 475.58, subdivision 3b, as amended (the "Act"), to finance the cost of street reconstruction projects, as described in the proposed street reconstruction plan described below, a copy of which is on file in the City Clerk's office; and WHEREAS, pursuant to the Act, the City is authorized to issue and sell general obligation street reconstruction bonds for street reconstruction under the circumstances and within the limitations set forth in the Act. The Act provides that a street reconstruction plan may be financed with general obligation street reconstruction bonds, following adoption of a street reconstruction plan, after a public hearing on the street reconstruction plan and on the issuance 'of general obligation street reconstruction bonds and other proceedings conducted in accordance with the requirements of the Act; and WHEREAS, pursuant to the Act, the City has prepared a five year street reconstruction plan, which describes the streets to be reconstructed, the estimated costs and any planned reconstruction of other streets in the City, including the issuance of general obligation street reconstruction bonds under the Act (the "Plan"), to determine the funding strategy for street reconstruction projects; and WHEREAS, on March 10, 2015, the City Council held a public hearing on the adoption of the Plan and the issuance of not to exceed approximately $10,000,000 general obligation street reconstruction bonds (the "Bonds") under the Plan for street reconstruction improvements to those streets described in the Plan (the "Street Reconstruction Projects") after publication of the notice of public hearing not less than 10 days nor more than 28 days prior to the date thereof in the City's official newspaper; and