V.1. Public Hearing on Five-Year Street Reconstruction Plan & Resolution Adopting a Street Reconstruction Plan and Authorizing the Issuance of Street Reconstruction Bonds Thereunder; Harkess (CR2017-069)
May 16, 2017 Council Report 2017-069
PUBLIC HEARING ON FIVE-YEAR STREET RECONSTRUCTION PLAN & RESOLUTION
ADOPTING A STREET RECONSTRUCTION PLAN AND AUTHORIZING THE
ISSUANCE OF STREET RECONSTRUCTION BONDS THEREUNDER
Proposed Action
Approve Resolution 2017-039 adopting a street reconstruction plan and authorizing the issuance of street reconstruction
bonds thereunder.
Overview
Annually the City issues 429 General Obligation assessment bonds to complete the planned street reconstruction projects.
Under the 429 process the City must assess a minimum of 20% of the project costs to benefitting property owners, which
typically is not an issue. For the 2017 and 2018 street reconstruction improvements, the City is unable to meet the minimum
assessment threshold and therefore will need to finance the project through the Street Reconstruction Bond process instead.
The projects contemplated under the financing are for the 2017 street projects, 8th Avenue (2017) and Blake Road (2017 &
2018), of which the latter two the City is unable to assess the improvements to adjacent properties. However, the City is
assessing benefitting property owners for the 2017 street projects ($1,453,700), but the assessment amount does not meet the
aforementioned 20% threshold (only 17.6%).
The City will utilize its authority to issue General Obligation Street Reconstruction Bonds to finance the project (City has
done this for projects in 2014 and 2015). Similar to the 429 Bonds, the portion of the project not being paid by assessments
will be paid by a general tax levy. This authority was granted to Cities in 2002 and it generally exempts city bonds issued
under a street reconstruction and overlay program from the referendum requirements usually required for bonding
expenditures (referendum generally required if 20% of the project is not/cannot be assessed). The City is required to hold a
public hearing on its intent to issue these bonds and its 5-year Street Reconstruction and Overlay Plan (SROP).
In order to utilize this type of financing, the City has to prepare a 5-Year SROP which is presented at a public hearing to
solicit comment and feedback from the community. The SROP is included in the Council’s packet for review and
consideration. Upon conclusion of the public hearing, the Council must approve the SROP via a unanimous vote of the
members present. Although a referendum is not required, a reverse referendum is allowable. If a petition bearing the
signatures of at least 5 percent of the votes cast in the last general election requesting a vote on the issuance of the bonds is
received by the municipal clerk within 30 days after the public hearing, a referendum vote on the issuance of the bonds shall
be called (if a vote is taken and the referendum passes, the taxes would be levied on market value rather than tax capacity).
Primary Issues to Consider
Funding for 2017 and 2018 street projects
Supporting Information
2017-2021 Five-Year Street Reconstruction Overlay Plan
Resolution No. 2017-039
______________________________________
Christine M. Harkess, CPA, CGFM
Finance Director
Financial Impact: $ 11.795 mill for 2017
Budgeted: Y/N N
Source: Bond Proceeds
Related Documents (CIP, ERP, etc.): CIP
Notes:
498810v1 JAE HP110-97
CITY OF HOPKINS, MINNESOTA
RESOLUTION NO. 2017-039
RESOLUTION ADOPTING A STREET RECONSTRUCTION
PLAN AND AUTHORIZING ISSUANCE OF STREET
RECONSTRUCTION BONDS THEREUNDER
BE IT RESOLVED by the City Council of the City of Hopkins, Minnesota (the “City”), as
follows:
Section 1. Background.
1.01. The City is authorized under Minnesota Statutes, Section 475.58, subdivision 3b (the
“Act”), to prepare a plan for street reconstruction in the City over the next five years that will be financed
under the Act, including a description of the proposed work and estimated costs, and to issue general
obligation bonds to finance the cost of street reconstruction activities described in the plan.
1.02. Before the issuance of any bonds under the Act, the City is required to hold a public
hearing on the plan and issuance of the bonds.
1.03. Pursuant to the Act, the City, in consultation with its City engineer, has caused
preparation of the “2017 through 2021 Five-Year Street Reconstruction Overlay Plan for the City of
Hopkins, Minnesota” (the “Plan”), which describes certain street reconstruction and overlay activities in
the City for the years 2017 through 2021. The reconstruction activities described in the Plan include, but
are not limited to, the 2017 Street Reconstruction Projects and the reconstruction of Eighth Avenue and
Blake Road in the City (collectively, the “Project”).
1.04. The City has determined that it is in the best interests of the City to authorize the issuance
and sale of general obligation street reconstruction bonds pursuant to the Act in the maximum principal
amount of $25,000,000 (the “Bonds”). The purpose of the Bonds is to finance the costs of the Project as
described in the Plan.
1.05. On this date, the City Council held a public hearing on the Plan and the issuance of the
Bonds, after publication in the City’s official newspaper of a notice of public hearing at least ten (10) days
but no more than twenty-eight (28) days before the date of the hearing.
Section 2. Plan Approved.
2.01. The City Council finds that the Plan will improve the City’s street and utility systems,
which serves the interests of the City as a whole.
2.02. The Plan is approved in the form on file in City Hall.
Section 3. Bonds Authorized.
3.01. The City is authorized to issue the Bonds in a maximum principal amount of
$25,000,000, in order to finance the Project described in the Plan. City staff, its municipal advisor, and its
legal counsel are authorized to take all actions needed to call for the sale of the Bonds, subject to the
contingency described in Section 3.02 hereof.
498810v1 JAE HP110-97 2
3.02. If a petition requesting a vote on the issuance of the Bonds signed by voters equal to five
percent (5%) of the votes cast in the last municipal general election is filed with the City Clerk within
thirty (30) days after the date of the public hearing, the City may issue the Bonds only after obtaining
approval of a majority of voters voting on the question at an election. The authorization to issue the
Bonds is subject to expiration of the thirty (30) day period without the City’s receipt of a qualified
petition under the Act, or if a qualified petition is filed, upon the approving vote of a majority of the
voters voting on the question of issuance of the Bonds.
3.03. City staff are authorized and directed to take all other actions necessary to carry out the
intent of this resolution.
Adopted by the City Council of the City of Hopkins, Minnesota this 16th day of May, 2017.
Molly Cummings, Mayor
ATTEST:
Amy Domeier, City Clerk
2017 through 2021
Five-Year Street Reconstruction Overlay Plan for the
City of Hopkins, Minnesota
May 15, 2017
Prepared by:
Ehlers & Associates, Inc.
3060 Centre Pointe Drive
Roseville, MN 55113
Ehlers & Associates, Inc. Page 2
Table of Contents
I. INTRODUCTION ................................................................................ 3
II. PURPOSE ............................................................................................. 4
III. THE STREET RECONSTRUCTION AND OVERLAY PLANNING
PROCESS ............................................................................................. 5
IV. PROJECT SUMMARY ........................................................................ 6
V. FINANCING THE STREET RECONSTRUCTION AND OVERLAY
PLAN .................................................................................................... 7
PROJECT COSTS ........................................................... APPENDIX A
PROPOSED SRP BOND ISSUES .................................. APPENDIX B
PRE-SALE SCHEDULE................................................. APPENDIX C
Ehlers & Associates, Inc. Page 3
City of Hopkins
Five-Year Street Reconstruction and Overlay Plan
2017 through 2021
I. INTRODUCTION
In 2002, the Minnesota State Legislature passed into law a bill which
generally exempts city bonds issued under a street reconstruction program
from the referendum requirements usually required for bonding expenditures.
In 2013, the Legislature amended the law to allow bituminous overlays to be
included in the street reconstruction program.
Ehlers & Associates, Inc. Page 4
II. PURPOSE
Street reconstruction or bituminous overlay is a major expenditure of city
funds for the reconstruction or overlay of streets. Street reconstruction and
bituminous overlay may include utility replacement and relocation and other
incidental costs, turn lanes and other improvements having a substantial
public safety function, realignments, other modifications to intersect with state
and county roads, and the local share of state and county road projects.
Except in the case of turn lanes, safety improvements, realignments,
intersection modifications, and local share of state and county road projects,
street reconstruction does not include the portion of project costs allocable to
widening a street or adding curbs and gutters where none previously existed.
A Street Reconstruction and Overlay Plan (SROP) is a document designed to
anticipate street reconstruction and overlay expenditures and schedule them
over a five-year period so that they may be purchased in the most efficient and
cost effective method possible. A SROP allows the matching of expenditures
with anticipated income. As potential expenditures are reviewed, the city
considers the benefits, costs, alternatives and impact on operating
expenditures.
The City of Hopkins, Minnesota (the “City”) believes the street reconstruction
and overlay process is an important element of responsible fiscal
management. Major capital expenditures can be anticipated and coordinated
to minimize potentially adverse financial impacts caused by the timing and
magnitude of capital outlays. This coordination of capital expenditures is
important to the City in achieving its goals of adequate physical assets and
sound fiscal management. In these financially difficult times good planning is
essential for the wise use of limited financial resources.
The Street Reconstruction and Overlay Plan is designed to be updated on an
annual basis. In this manner, it becomes an ongoing fiscal planning tool that
continually anticipates future capital expenditures and funding sources.
Ehlers & Associates, Inc. Page 5
III. THE STREET RECONSTRUCTION AND OVERLAY PLANNING
PROCESS
The street reconstruction and overlay planning process is as follows; the City
Council authorizes the preparation of the SROP. The City staff is instructed
to assemble the capital expenditures to be undertaken within the next five
years. The City Council then reviews the expenditures according to their
priority, fiscal impact, and available funding. From this information, a
preliminary street reconstruction and overlay plan is prepared. A public
hearing is held to solicit input from citizens and other governmental units.
Changes are made based on that input, and a final project list is established.
The City Council then prepares a plan based on the available funding sources.
If general obligation bonding is necessary, the City works with its financial
advisor to prepare a bond sale and repayment schedule. Over the life of the
SROP, once the funding, including proceeds from the bond sales becomes
available, the individual capital expenditures can be made.
In subsequent years, the process is repeated as expenditures are completed as
new needs arise. Street reconstruction planning looks five years into the
future.
For a city to use its authority to finance expenditures under Chapter 475.58,
Subdivision 3b, it must meet the requirements provided therein. Specifically,
the city council must approve the sale of street reconstruction bonds by a
unanimous vote of its membership present. In addition, it must hold a public
hearing for public input. 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. The city council approves the SROP
unanimously following the public hearing.
Although a referendum is not required, a reverse referendum is allowable. If a
petition bearing the signatures of at least 5 percent of the votes cast in the last
general election requesting a vote on the issuance of bonds is received by the
municipal clerk within 30 days after the public hearing, a referendum vote on
the issuance of the bonds shall be called (if a vote is taken and the referendum
passes, the taxes would be levied on market value rather than tax capacity).
Ehlers & Associates, Inc. Page 6
IV. PROJECT SUMMARY
The expenditures to be undertaken with this Street Reconstruction and
Overlay Plan (SROP) are limited to those listed in Appendix A. All other
foreseeable capital expenditures within the City government will come
through other means. The following expenditures have been submitted for
inclusion in this SROP:
2017 Expenditures
2017 Street Reconstruction Projects
8th Avenue
Blake Road
2018 Expenditures
Blake Road
2019 Expenditures
No projects contemplated at this time
2020 Expenditures
No projects contemplated at this time
2021 Expenditures
No projects contemplated at this time
Ehlers & Associates, Inc. Page 7
V. FINANCING THE STREET RECONSTRUCTION PLAN
The total amount of requested expenditures under the Street Reconstruction
and Overlay Plan is approximately $25,000,000. If these expenditures are to
be funded, that amount of money is anticipated to be generated through the tax
levy and the sale of approximately $22,100,000 in bonds over the five-year
period.
In the financing of the Street Reconstruction Plan, one statutory limitation
applies. Under Chapter 475, with few exceptions, cities cannot incur debt in
excess of 3% of the assessor’s estimated market value for the city. In the City
the pay 2017 EMV is $1,791,172,100. Therefore, the total amount of
outstanding debt cannot exceed $53,735,163. As of April 11, 2017 the City
had $5,985,000 subject to the legal debt limit.
Under the Street Reconstruction Plan, the City will secure approximately
$17,000,000 in general obligation bonds in the year 2017 to finance the 2017
Street Reconstruction projects, along with reconstruction of 8th Avenue and
Blake Road. In the year 2018, general obligation bonds in the amount of
$5,195,000 will be secured to finalize the reconstruction of Blake Road. Both
general obligation bond issues will be repaid over a 15 -year period. The par
amount of each issue is based on the amounts listed in Appendix A plus
estimated issuance costs. The proposed general obligation street
reconstruction bonds (including issuance costs) are shown in Appendix B.
Continuation of the Street Reconstruction and Overlay Plan
This Street Reconstruction and Overlay Plan should be reviewed annually by
the City Council using the process outlined in this Plan. It should review
proposed expenditures, make priority decisions, and seek funding for those
expenditures it deems necessary for the City. If deemed appropriate, the
Council should prepare an update to this Plan.
Ehlers & Associates, Inc. Page 8
APPENDIX A
PROJECT COSTS
(Capital Expenditures to be funded with Bond Proceeds)
The 2017A capital expenditure of approximately $14,489,000 is to finance the City’s 2017 road
reconstruction projects and is to be funded with $11,795,000 in bond proceeds. These expenditures
are anticipated due to the need to reconstruct these roads and complete necessary utility replacement.
Total Issue Sources And Uses
Dated 07/15/2017 | Delivered 07/15/2017
2017 Road
Reconstruction
8th Avenue
Reconstruction Issue Summary
Sources Of Funds
Par Amount of Bonds $8,240,000.00 $3,555,000.00 $11,795,000.00
Prepaid Assessments 290,700.00 - 290,700.00
Grants - 2,780,500.00 2,780,500.00
Total Sources $8,530,700.00 $6,335,500.00 $14,866,200.00
Uses Of Funds
Total Underwriter's Discount (1.000%) 82,400.00 35,550.00 117,950.00
Costs of Issuance 59,381.10 25,618.90 85,000.00
Deposit to Capitalized Interest (CIF) Fund 119,606.28 51,561.61 171,167.89
Deposit to Project Construction Fund 8,265,583.00 6,223,150.00 14,488,733.00
Rounding Amount 3,729.62 (380.51) 3,349.11
Total Uses $8,530,700.00 $6,335,500.00 $14,866,200.00
Ehlers & Associates, Inc. Page 9
The 2017C capital expenditure of approximately $5,000,000 is to finance the reconstruction of Blake
Road is to be funded with approximately $5,110,000 in bond proceeds. These expenditures are
anticipated due to the need to reconstruct these roads and complete necessary utility replacement.
Sources & Uses
Dated 09/30/2017 | Delivered 09/30/2017
Sources Of Funds
Par Amount of Bonds $5,110,000.00
Total Sources $5,110,000.00
Uses Of Funds
Total Underwriter's Discount (1.000%)51,100.00
Costs of Issuance 55,000.00
Deposit to Project Construction Fund 5,000,000.00
Rounding Amount 3,900.00
Total Uses $5,110,000.00
Ehlers & Associates, Inc. Page 10
The 2018 capital expenditure of approximately $5,000,000 is to finance the reconstruction of Blake
Road is to be funded with approximately $5,195,000 in bond proceeds. These expenditures are
anticipated due to the need to reconstruct these roads and complete necessary utility replacement.
Sources & Uses
Dated 06/15/2018 | Delivered 06/15/2018
Sources Of Funds
Par Amount of Bonds $5,195,000.00
Total Sources $5,195,000.00
Uses Of Funds
Total Underwriter's Discount (1.000%)51,950.00
Costs of Issuance 55,000.00
Deposit to Capitalized Interest (CIF) Fund 84,260.33
Deposit to Project Construction Fund 5,000,000.00
Rounding Amount 3,789.67
Total Uses $5,195,000.00
Ehlers & Associates, Inc. Page 11
APPENDIX B
PROPOSED 2017A SROP BOND ISSUES
Debt Service Schedule
Date Principal Coupon Interest Total P+I
105%
Overlevy Fiscal Total
07/15/2017 - - - - -
02/01/2018 - - 171,167.89 171,167.89 179,726.28 179,726.28
08/01/2018 - - 157,195.00 157,195.00 165,054.75 -
02/01/2019 675,000.00 1.400% 157,195.00 832,195.00 873,804.75 1,038,859.50
08/01/2019 - - 152,470.00 152,470.00 160,093.50 -
02/01/2020 680,000.00 1.550% 152,470.00 832,470.00 874,093.50 1,034,187.00
08/01/2020 - - 147,200.00 147,200.00 154,560.00 -
02/01/2021 695,000.00 1.800% 147,200.00 842,200.00 884,310.00 1,038,870.00
08/01/2021 - - 140,945.00 140,945.00 147,992.25 -
02/01/2022 705,000.00 2.000% 140,945.00 845,945.00 888,242.25 1,036,234.50
08/01/2022 - - 133,895.00 133,895.00 140,589.75 -
02/01/2023 715,000.00 2.200% 133,895.00 848,895.00 891,339.75 1,031,929.50
08/01/2023 - - 126,030.00 126,030.00 132,331.50 -
02/01/2024 735,000.00 2.350% 126,030.00 861,030.00 904,081.50 1,036,413.00
08/01/2024 - - 117,393.75 117,393.75 123,263.44 -
02/01/2025 750,000.00 2.550% 117,393.75 867,393.75 910,763.44 1,034,026.88
08/01/2025 - - 107,831.25 107,831.25 113,222.81 -
02/01/2026 775,000.00 2.650% 107,831.25 882,831.25 926,972.81 1,040,195.63
08/01/2026 - - 97,562.50 97,562.50 102,440.63 -
02/01/2027 795,000.00 2.800% 97,562.50 892,562.50 937,190.63 1,039,631.25
08/01/2027 - - 86,432.50 86,432.50 90,754.13 -
02/01/2028 815,000.00 2.900% 86,432.50 901,432.50 946,504.13 1,037,258.25
08/01/2028 - - 74,615.00 74,615.00 78,345.75 -
02/01/2029 835,000.00 3.050% 74,615.00 909,615.00 955,095.75 1,033,441.50
08/01/2029 - - 61,881.25 61,881.25 64,975.31 -
02/01/2030 865,000.00 3.150% 61,881.25 926,881.25 973,225.31 1,038,200.63
08/01/2030 - - 48,257.50 48,257.50 50,670.38 -
02/01/2031 890,000.00 3.350% 48,257.50 938,257.50 985,170.38 1,035,840.75
08/01/2031 - - 33,350.00 33,350.00 35,017.50 -
02/01/2032 915,000.00 3.500% 33,350.00 948,350.00 995,767.50 1,030,785.00
08/01/2032 - - 17,337.50 17,337.50 18,204.38 -
02/01/2033 950,000.00 3.650% 17,337.50 967,337.50 1,015,704.38 1,033,908.75
Total $11,795,000.00 - $3,175,960.39 $14,970,960.39 -
Ehlers & Associates, Inc. Page 12
PROPOSED 2017C SROP BOND ISSUES
Debt Service Schedule
Date Principal Coupon Interest Total P+I
105%
Overlevy Fiscal Total
09/30/2017 - - - - - -
08/01/2018 - - 118,823.93 118,823.93 124,765.13 -
02/01/2019 245,000.00 1.500% 71,057.50 316,057.50 331,860.38 456,625.50
08/01/2019 - - 69,220.00 69,220.00 72,681.00 -
02/01/2020 295,000.00 1.650% 69,220.00 364,220.00 382,431.00 455,112.00
08/01/2020 - - 66,786.25 66,786.25 70,125.56 -
02/01/2021 300,000.00 1.900% 66,786.25 366,786.25 385,125.56 455,251.13
08/01/2021 - - 63,936.25 63,936.25 67,133.06 -
02/01/2022 305,000.00 2.100% 63,936.25 368,936.25 387,383.06 454,516.13
08/01/2022 - - 60,733.75 60,733.75 63,770.44 -
02/01/2023 315,000.00 2.300% 60,733.75 375,733.75 394,520.44 458,290.88
08/01/2023 - - 57,111.25 57,111.25 59,966.81 -
02/01/2024 320,000.00 2.450% 57,111.25 377,111.25 395,966.81 455,933.63
08/01/2024 - - 53,191.25 53,191.25 55,850.81 -
02/01/2025 330,000.00 2.650% 53,191.25 383,191.25 402,350.81 458,201.63
08/01/2025 - - 48,818.75 48,818.75 51,259.69 -
02/01/2026 340,000.00 2.750% 48,818.75 388,818.75 408,259.69 459,519.38
08/01/2026 - - 44,143.75 44,143.75 46,350.94 -
02/01/2027 345,000.00 2.900% 44,143.75 389,143.75 408,600.94 454,951.88
08/01/2027 - - 39,141.25 39,141.25 41,098.31 -
02/01/2028 355,000.00 3.000% 39,141.25 394,141.25 413,848.31 454,946.63
08/01/2028 - - 33,816.25 33,816.25 35,507.06 -
02/01/2029 365,000.00 3.150% 33,816.25 398,816.25 418,757.06 454,264.13
08/01/2029 - - 28,067.50 28,067.50 29,470.88 -
02/01/2030 380,000.00 3.250% 28,067.50 408,067.50 428,470.88 457,941.75
08/01/2030 - - 21,892.50 21,892.50 22,987.13 -
02/01/2031 390,000.00 3.450% 21,892.50 411,892.50 432,487.13 455,474.25
08/01/2031 - - 15,165.00 15,165.00 15,923.25 -
02/01/2032 405,000.00 3.600% 15,165.00 420,165.00 441,173.25 457,096.50
08/01/2032 - - 7,875.00 7,875.00 8,268.75 -
02/01/2033 420,000.00 3.750% 7,875.00 427,875.00 449,268.75 457,537.50
Total $5,110,000.00 - $1,409,678.93 $6,519,678.93 $6,845,662.88 -
Ehlers & Associates, Inc. Page 13
PROPOSED 2018 SROP BOND ISSUES
Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Fiscal Total
06/15/2018 - - - - - - - -
02/01/2019 - - 84,260.33 84,260.33 (84,260.33) - - -
08/01/2019 - - 67,110.00 67,110.00 - 67,110.00 70,465.50 -
02/01/2020 295,000.00 1.600% 67,110.00 362,110.00 - 362,110.00 380,215.50 450,681.00
08/01/2020 - - 64,750.00 64,750.00 - 64,750.00 67,987.50 -
02/01/2021 300,000.00 1.750% 64,750.00 364,750.00 - 364,750.00 382,987.50 450,975.00
08/01/2021 - - 62,125.00 62,125.00 - 62,125.00 65,231.25 -
02/01/2022 305,000.00 1.950% 62,125.00 367,125.00 - 367,125.00 385,481.25 450,712.50
08/01/2022 - - 59,151.25 59,151.25 - 59,151.25 62,108.81 -
02/01/2023 310,000.00 2.150% 59,151.25 369,151.25 - 369,151.25 387,608.81 449,717.63
08/01/2023 - - 55,818.75 55,818.75 - 55,818.75 58,609.69 -
02/01/2024 320,000.00 2.250% 55,818.75 375,818.75 - 375,818.75 394,609.69 453,219.38
08/01/2024 - - 52,218.75 52,218.75 - 52,218.75 54,829.69 -
02/01/2025 325,000.00 2.350% 52,218.75 377,218.75 - 377,218.75 396,079.69 450,909.38
08/01/2025 - - 48,400.00 48,400.00 - 48,400.00 50,820.00 -
02/01/2026 335,000.00 2.450% 48,400.00 383,400.00 - 383,400.00 402,570.00 453,390.00
08/01/2026 - - 44,296.25 44,296.25 - 44,296.25 46,511.06 -
02/01/2027 340,000.00 2.550% 44,296.25 384,296.25 - 384,296.25 403,511.06 450,022.13
08/01/2027 - - 39,961.25 39,961.25 - 39,961.25 41,959.31 -
02/01/2028 350,000.00 2.650% 39,961.25 389,961.25 - 389,961.25 409,459.31 451,418.63
08/01/2028 - - 35,323.75 35,323.75 - 35,323.75 37,089.94 -
02/01/2029 360,000.00 2.750% 35,323.75 395,323.75 - 395,323.75 415,089.94 452,179.88
08/01/2029 - - 30,373.75 30,373.75 - 30,373.75 31,892.44 -
02/01/2030 370,000.00 2.850% 30,373.75 400,373.75 - 400,373.75 420,392.44 452,284.88
08/01/2030 - - 25,101.25 25,101.25 - 25,101.25 26,356.31 -
02/01/2031 380,000.00 2.950% 25,101.25 405,101.25 - 405,101.25 425,356.31 451,712.63
08/01/2031 - - 19,496.25 19,496.25 - 19,496.25 20,471.06 -
02/01/2032 390,000.00 3.100% 19,496.25 409,496.25 - 409,496.25 429,971.06 450,442.13
08/01/2032 - - 13,451.25 13,451.25 - 13,451.25 14,123.81 -
02/01/2033 400,000.00 3.250% 13,451.25 413,451.25 - 413,451.25 434,123.81 448,247.63
08/01/2033 - - 6,951.25 6,951.25 - 6,951.25 7,298.81 -
02/01/2034 415,000.00 3.350% 6,951.25 421,951.25 - 421,951.25 443,048.81 450,347.63
Total $5,195,000.00 - $1,333,317.83 $6,528,317.83 (84,260.33) $6,444,057.50 $6,766,260.38 -
Ehlers & Associates, Inc. Page 14
APPENDIX C
Pre-Sale Schedule dated April 18, 2017
5-Year City Street Reconstruction Plan Bond Issuance
City of Hopkins, Minnesota
The City Council must take the following actions before Bonds can be issued:
City Council directs preparation of a 5-Year Street Reconstruction Plan.
City Council conducts a Public Hearing on issuance of Bonds and Street Reconstruction Plan.
City Council approves Bonds and Street Reconstruction Plan by unanimous vote.
The table below lists the steps in the issuing process:
April 18, 2017 City Council adopts Resolution calling for Public Hearing on issuance of Bonds and on Street
Reconstruction Plan.
April 18, 2017 City Council provides for sale of Bonds
April 20, 2017 Close date to get Notice of Public Hearing on issuance of Bonds and on Street Reconstruction Plan to
official newspaper for publication.
April 27, 2017 Publish Notice of Public Hearing on issuance of Bonds and on Street Reconstruction Plan (publication no
more than 28 days and no less than 10 days prior to hearing date).
May 15, 2017 City Council holds Public Hearing on Bonds and on Street Reconstruction Plan and adopts Resolution
giving preliminary approval for their issuance and approving Street Reconstruction Plan by unanimous
vote of its membership present.
June 15, 2017 Reverse referendum period ends (within 30 days of the public hearing).
June 20, 2017 City Council accepts offer for Bonds and adopts Resolution-Approving sale of Bonds.
July 13, 2017 Tentative closing/receipt of funds.
Assessor's Estimated Market Value 1,791,172,100
Multiply by 3% 0.03
Statutory Debt Limit 53,735,163
Less: Debt Paid Solely from Taxes (5,985,000)
Unused Debt Limit 47,750,163
Net Debt Limit