Agenda - Council - 02/10/2015 - Laserfiche WebLink

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Ehler's and Associates, the city's financial consultants has prepared a schedule of events outlining the timeframe of the bonding process for the 2015 road improvements (Garnet & Overlays). They have also prepared a Five -Year Street Reconstruction Overlay Plan (SROP) based on the Long -Term Street Maintenance Program prepared by the Engineering Department and also depicted in the city's 2015-2019 Capital Improvement Plan (CIP) as required by statute. The following schedules are attached for your review: The bonding schedule of events, Five -Year Street Reconstruction and Overlay Plan 2015-2019, and the debt service payment schedule for the funding of 2015 Projects Only (Garnet & Overlays). Observations/Alternatives: Observations: The Five -Year Street Reconstruction and Overlay Plan 2015-2019 shows bonding schedules for each of these respective years. Statute states that a Five -Year plan must be produced outlining projects and costs for the next five years. If the city does not wish to follow this schedule (with the projects that are listed) over the next five years a new five-year plan will need to be devised. For example, if projects A-E are included in the five-year plan and the city wishes to do project F instead of B, the plan needs to be amended and the public hearing process will need to be undertaken again on the revised plan. The city is proposing to bond annually as years 2016-2019 in the plan are based on current engineer cost estimates and an annual inflationary factor. Alternatives: #1. Motion to Adopt Resolution #15-02-040 Calling for Public Hearing on Street Reconstruction Plan Bonds and Proposal to Adopt a Street Reconstruction Plan #2. Motion to not Adopt Resolution #15-02-040 at this time Funding Source: The issuance of Street Reconstruction Bonds will fund the Garnet Street and overlay improvements as outlined in the Long -Term Street Maintenance Program and the 2015-2019 CIP. Recommendation: Staff recommends Alternative #1 as this is only a request for a public hearing on the debt issuance and street plan. Preliminary approval of any debt issuance is not until March 10, 2015. Action: Motion to Adopt Resolution #15-02-040 Calling for a Public Hearing on the Intention to Issue General Obligation Street Reconstruction Plan Bonds and the Proposal to Adopt a Street Reconstruction Plan Attachments Bonding Schedule of Events Five -Year Street Reconstruction & Overlay Plan Debt Service Schedule Reso #15-02-040 Call for Public Hearing Form Review Inbox Reviewed By Date Bruce Westby Bruce Westby 02/04/2015 03:02 PM Kurt Ulrich Kurt Ulrich 02/05/2015 02:49 PM Form Started By: Diana Lund Started On: 01/29/2015 12:12 PM Final Approval Date: 02/05/2015