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CITY OF LINO LAKES RESOLUTION NO. 17-54 RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND PROVIDING PRELIMINARY APPROVAL TO THE ISSUANCE OF STREET RECONSTRUCTION BONDS THEREUNDER BE IT RESOLVED by the City Council of the City of Lino Lakes, as follows: Section 1. Background. 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 "2017 through 2021 Five -Year Street Reconstruction Plan for the City of Lino Lakes, Minnesota" (the "Plan"), which describes certain street reconstruction activities in the City for the years 2017 through 2021. The reconstruction activities described in the Plan include, but are not limited to, the 2018 Street Reconstruction Project in the City, which consists of the reconstruction of West Shadow Lake Drive, Sandpiper Drive, Shadow Court, LaMotte Drive, and LaMotte Circle (collectively, the "Project"). Construction of the Project may take place at any time between 2017 and 2021. 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 $5,124,000 (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 ten (10) days but no more than twenty-eight (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 Issued under Plan. 3.01. The City hereby provides its preliminary approval to the issuance of the Bonds in a maximum principal amount of $5,124,000 in order to finance the Project described in the Plan. The Bonds may not be issued without further action by the City Council. Furthermore, the issuance of such Bonds is subject to the terms of Section 3.02 hereof. 500782v2 JAE LN140-118