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APPENDIX C <br />Pre -Sale Schedule dated April 22, 2015 <br />5 -Year City Street Reconstruction 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 Street Reconstruction Plan. <br />® City Council conducts a Public Hearing on issuance of Bonds and Street Reconstruction Plan. <br />® City Council approves Bonds and Street Reconstruction Plan by unanimous vote. <br />The table below lists the steps in the issuing process: <br />4/7 <br />Publish Notice of Public Hearing on issuance of Bonds and on Street Reconstruction Plan (publication no <br />more than 28 days and no less than 10 days prior to hearing date). <br />4/8 <br />City Council ratifies calling for Public Hearing on issuance of Bonds and on Street Reconstruction Plan. <br />4/22 <br />@ <br />7:30 p.m. City Council holds Public Hearing on Bonds and on Street Reconstruction Plan and adopts Resolution <br />giving preliminary approval for their issuance and approving Street Reconstruction Plan by unanimous <br />vote of its membership present. <br />4/22 <br />City Council provides for sale of Bonds. <br />5/22 <br />Reverse referendum period ends (within 30 days of the public hearing). <br />5/27 <br />City Council accepts offer for Bonds and adopts Resolution -Approving sale of Bonds. <br />6/15 <br />Tentative closing/receipt of funds. <br />Net Debt Limit <br />Assessor's Estimated Market Value <br />Multiply by 3% <br />Statutory Debt Limit <br />Less: Debt Paid Solely from Taxes <br />Unused Debt Limit <br />871,619,300 <br />0.03 <br />26,148,579 <br />(4,715,000) <br />21,433,579 <br />Ehlers & Associates, Inc. <br />13 Page 10 <br />