2017-039 Adopting a Street Reconstruction Plan and Authorizing Issuance of Street Reconstruction Bonds Thereunderf'ollows:
CITY OF HOPKINS, n4iNNESO'PA
RGSOLUTION NO. 2017-039
RESOLUTION ADOPTING A STRGET RI;CONSTRUCTION
PLAN AND AUTHORIZING ISSUANCE OF S"I'REET
RECONSTRUCTION 60NDS THEREUNDER
BE IT RESOLVGD by the City Council of the City of FTopl<ins, Minnesota (the "City"), as
Section 1. Back �r�.
LOI. The City is au[horized under Minnesota Statutes, Section 475.58, subdivision 3b (the
"AcP'), to prepare a plan for sheet reconstruction in the City ov�r the next five years that will be fin�nced
under the Act, including a descripNon of the proposed work and estima[ed costs, and to issue general
obligation bonds to finance the cost of sCreet reconstrucCion activities described in the plan.
1.02. Before the issuance of any bonds under tl�e Act, the City is required to hold a public
hearing on tl�e plan and issuance of the bonds.
L03. Pursuant to thc Act, Chc City, in consultation with i[s City engineer, has causcd
preparation of thc "2017 through 2021 Five-Year Street Reconstruction Overlay Plan for the Ciry of
Hopl<ins, n4innesota" (the "Plan"), which describes certain street reeonsu�uction �nd overfay activities in
the City I'or the years 2017 through 2021. The reconsnuction activities described in the Plan include, but
are not limited to, the 2017 Street Reconstruction Projects and the reconstruction of Gigl�th Avenue and
Blal<e Road in the City (collectively, the "ProjecP').
1.04. The City h�s dctermined that it is in d�c best interests of the City to authorize the issunnec
and sale ol general obligation street reconshvction bonds �ursuant to d�e Act in the mTximum princip.�l
amount of $25,000,000 (tl�e "Qonds"). "i'hc purpose of thc Bonds is to financc thc costs oF thc Projcct as
dcscribcd in tlic Plan.
I.OS. On this date, tl�e City Coimcil held a public liearing on d�e Plan and the issuance of tl�e
Bonds, after publication in the City's official ncwspaper of a noCicc of public hearing 2t lcast tcn (10) days
but no more than twenty-eight (28) days before the date of d�e hearing.
Section 2. Pian Auproved.
2.01. The City Council finds that fhe PI2n will improve the City's street and utiliCy systems,
whieh se�ves the interests of the City as a whole.
2.02. The Plan is approved in the Form on file in City HaII.
Section 3. Bonds Authorized.
3.01. The Ciry is authorized to issue the Bonds in a maximum principal amowrt of
525,000,000, in order to finance the Project described in the Plan. City staff, its municipal advisor, �nd its
Icgal counsel are authorized ro take all actions necdcd to call for the sale of thc Bonds, subject to the
contingeocy describcd in Sectia� 3.02 hereof.
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3.02. If a petition requcsting a vote on the issuance of the Bonds signed by voters equal to five
percent (5°/u) of Che votes cast in the last municipal general elecYion is filed witl� the Ciry Clerk within
thirty (30) days afrer the date of khe public heaiing, the City may issue the Bonds only after obtaining
approval of a majority of voters voting on the question at an election. The authorizaCion to issue the
Bonds is subject to cxpiration of the thirty (30) day period witl�out tl�e City's reccipt of a qualificd
�etition 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 al] od�er actions necessary to carry out the
intent of this resolution.
Adopted by the City Council of the City oi Hopkins, Minnesota this I 6'�' day of May, 2017.
,/�G�iL. �,Z�„Lw� J
Moliy Cui mings, Mayor
ATTEST:
C���e�
Amy Domeie�; Ci[y Clerk
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