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Shakopee council adopts five-year street reconstruction plan, clears path for bonds
Summary
The Shakopee City Council voted Feb. 4 to adopt a five-year street reconstruction plan and declared official intent to reimburse qualifying project expenses through bond proceeds, authorizing a maximum $12 million bond; staff said a likely sale would be about $9–10 million and estimated a modest levy impact when debt service begins in 2028.
Shakopee’s City Council on Feb. 4 adopted a five-year street reconstruction plan and passed a resolution declaring the city’s intent to reimburse eligible project expenses through future bond proceeds.
City staff told the council the resolution sets a $12,000,000 maximum for a potential bond issue while noting staff’s working expectation that a final sale would likely be about $9 million to $10 million. “It is staff recommendation to adopt resolution 26 19, which would adopt the street reconstruction plan and allow for those projects to be reimbursed through bond proceeds,” city staff said during the presentation.
The staff presentation explained the legal framework the city is relying on for debt issuance. The presentation referenced two statutory paths mentioned in the briefing, noting that the city must adopt a five-year street reconstruction plan…
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