20-040RESOLUTION NO. 20 - 040
CITY OF SHOREWOOD
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND APPROVING THE
ISSUANCE OF GENERAL OBLIGATION STREET RECONSTRUCTION BONDS
WHEREAS, The City of Shorewood, Minnesota (the "City "), has determined that it is in the
best interest of the City to authorize the issuance and sale of general obligation
street reconstruction bonds pursuant to Minnesota Statutes, Section 475.58,
subdivision 3b, as amended (the "Act "), to finance the cost of street
reconstruction projects, as described in the proposed street reconstruction plan
described below, a copy of which is on file in the City Administrator's office; and
WHEREAS, pursuant to the Act, the City is authorized to issue and sell general obligation
street reconstruction bonds for street reconstruction under the circumstances and
within the limitations set forth in the Act. The Act provides that street
reconstruction may be financed with general obligation street reconstruction
bonds following a public hearing on the adoption of a street reconstruction plan
and the issuance of general obligation street reconstruction bonds, and other
proceedings conducted in accordance with the requirements of the Act; and
WHEREAS, pursuant to the Act, the City has prepared a five year street reconstruction plan,
which describes the streets to be reconstructed, the estimated costs and any
planned reconstruction of other streets in the City, including the issuance of
general obligation street reconstruction bonds under the Act (the "Plan "), to
determine the funding strategy for street reconstruction projects; and
WHEREAS, on May 11, 2020, the City Council held a public hearing on the adoption of the
Plan and the issuance of not to exceed approximately $18,230,681 in general
obligation street reconstruction bonds (the "Bonds ") under the Plan for street
reconstruction improvements to those streets described in the Plan (the "Street
Reconstruction Project ") after publication of the notice of public hearing not less
than 10 days nor more than 28 days prior to the date thereof in the City's official
newspapers; and
WHEREAS, all parties were given an opportunity to express their views with respect to the
proposal to adopt the Plan and to undertake and finance the Street
Reconstruction Project by the issuance of Bonds and any written comments
submitted prior to the public hearing were considered.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Shorewood,
Minnesota, as follows:
1. City Policies and Goals. The financing of the Street Reconstruction Project and
the issuance and sale of the Bonds would further the policies and goals of the City as set forth
in the Plan, herein adopted by the City Council in connection with the issuance of the Bonds.
2. Adoption of Street Reconstruction Plan. Based on information received at the
public hearing, such written comments (if any) and such other facts and circumstances as the
City Council deems relevant, it is hereby found, determined and declared that:
(a) the Street Reconstruction Project proposed in the Plan will allow the City to
upgrade its transportation infrastructure to accommodate existing residential and
commercial development; and
(b) the Plan is hereby approved and adopted in the form presently on file with the
City.
3. Authorization and Approval of Bonds. Subject to the contingency described in
Paragraph 5 hereof, the City is hereby authorized to issue the Bonds, the proceeds of which will
be used, together with any additional funds of the City which might be required, to finance
certain costs of street reconstruction projects and to pay costs of issuance of the Bonds as
provided for in the 2020 -2024 Street Reconstruction Plan.
4. Execution of Documents. The Mayor and City Administrator are authorized and
directed to execute such other documents and instruments as may be required to give effect to
the transactions herein contemplated.
5. Voter Referendum Contingency. Pursuant to the Act, a petition requesting a vote
on the question of issuing the Bonds, signed by voters equal to five percent of the votes cast in
the last municipal general election, may be filed within thirty days of the public hearing. Upon
receipt of such petition within the prescribed time period, the City may issue the Bonds only
after obtaining the approval of a majority of the voters voting on the question of the issuance of
the Bonds. The authorizations and approvals contained herein are subject to and contingent
upon not receiving such a petition, or, in the event such a petition is filed, the approving vote of
a majority of the voters voting on the question of the issuance of the Bonds.
Adopted this 11Th day of May, 2020.
Sc t Zerby, ay r
ATTEST
Sandie Thone, City Clerk