2014-022 Adopting a Street Reconstruction Planfollows:
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2014-022
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
Section 1. Back rte.
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 "2014 through 2018 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 2014 through 2018. The reconstruction activities described in the Plan include, but
are not limited to, the West Park Road and 215 Avenue street and utility improvement project, the Hobby
Acres and Trail and 13"' Avenue drainage project, and the reconstruction and overlay of certain portions
of Main Street 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 $8,000,000 (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 10 days but
no more than 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 $8,000,000,
in order to finance the Project described in the Plan. City staff, its financial advisor, and its legal counsel
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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.
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 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 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 6th day of May, 2014.
i
Eugene J. Maxwell, Mayor
ATTES
Deborah L. Sperling, 15euty-CivyClerk
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