Agenda - Council - 10/11/2022 - Laserfiche WebLink

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Specifically, the city must hold a public hearing for public input on a SROP. Notice of such hearing must be published in the official newspaper of the city at least 10, but not more than 28 days prior to the date of the public hearing. In addition, the council must approve the SROP and issuance of street reconstruction bonds by a two-thirds majority vote of its membership present at the meeting following a public hearing. Although a referendum is not required, a reverse referendum is allowable. If a petition requesting a vote on the issuance of bonds bearing the signatures of at least 5 percent of the votes cast in the last municipal general election is filed with the municipal clerk within 30 days after the public hearing, a referendum vote on the issuance of the bonds shall be required to authorize the issuance. If the municipality elects not to submit the question to the voters, the municipality shall not propose the issuance of bonds under the Act for the same purpose for a period of 365 days from the date of receipt of the petition. IV. PROJECT SUMMARY The expenditures to be undertaken with this 2023 to 2027 SROP are limited to those listed in Appendix A. All other foreseeable capital expenditures within the City government will come through other means or through an amendment to this SROP. V. FINANCING The total amount of requested expenditures under the SROP is up to $25,000,000. If these expenditures are to be funded, that amount of money is anticipated to be generated through a combination of tax levy, and the sale of general obligation street reconstruction plan bonds over the five-year period. In the financing of the SROP, one statutory limitation applies. Under Chapter 475, with few exceptions, cities cannot incur debt in excess of City of Ramsey, MN Five -Year Street Reconstruction & Overlay Plan 4