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APPENDIX C <br />Pre -Sale Schedule dated September 11, 2013 <br />5 -Year City Capital Improvement Plan Bond Issuance <br />City of Little Canada, Minnesota <br />The City Council must take the following actions before Bonds can be issued: <br />• City Council directs preparation of a 5 -Year Capital Improvement Plan. <br />• City Council conducts a Public Hearing on issuance of Bonds and Capital Itnprovement Plan. <br />• City Council approves Bonds and Capital Improvement Plan by at least a 3 /5ths vote of the governing body <br />membership. <br />The table below lists the steps in the issuing process: <br />8/14 <br />City Council adopts Resolution calling for Public Hearing on issuance of Bonds and on Capital <br />Improvement Plan. <br />Annual Levy Limit <br />Close date to get Notice of Public Hearing on issuance of Bonds and on Capital Improvement Plan to <br />official newspaper for publication. <br />1 _ _ <br />Publish Notice of Public Hearing on issuance of Bonds and on Capital Improvement Plan (publication <br />no more than 28 days and no less than 14 days prior to hearing date). Additionally, notice may be <br />posted on the City's official web site, if any. <br />9/11 © 7p <br />City Council holds Public Hearing on Bonds and on Capital Improvement Plan and adopts Resolution <br />giving preliminary approval for their issuance and approving Capital Improvement Plan by at least a <br />3 /5ths vote of the governing body membership. <br />__/_ <br />City Council provides for sale of Bonds. <br />_/_ <br />Reverse referendum period ends (within 30 days of the public hearing). <br />Statutory Debt Limit <br />City Council accepts offer for Bonds and adopts Resolution- Approving sale of Bonds. <br />Statutory Levy Limit <br />Tentative closing/receipt of funds. <br />Net Debt Limit <br />Annual Levy Limit <br />Assessor's Taxable Market Value <br />794,711,000 <br />Assessor's Taxable Market Value <br />794711000 <br />Multiply by 3% <br />0.03 <br />Multiply by .16% <br />0.0016 <br />Statutory Debt Limit <br />23,841,330 <br />Statutory Levy Limit <br />1,271,538 <br />Less: Debt Paid Solely from Taxes <br />(2,570,000) <br />Less: Annual Levy under CIP <br />(190,065) <br />Unused Debt Limit <br />21,271,330 <br />Unused Levy Limit <br />1,081,473 <br />Ehlers & Associates, Inc. <br />23 <br />Page 13 <br />