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CITY OF LINO LAKES, MINNESOTA <br />RESOLUTION NO. 23-58 <br /> <br />RESOLUTION ADOPTING A STREET <br />RECONSTRUCTION PLAN AND AUTHORIZING THE <br />ISSUANCE OF STREET RECONSTRUCTION BONDS <br />THEREUNDER <br /> <br /> <br /> <br /> <br />WHEREAS, the City of Lino Lakes (the “City”) is authorized under Minnesota Statutes, Section <br />475.58, subdivision 3b, as amended (the “Act”), to prepare a plan for street reconstruction in the <br />City over the next five years that will be financed under the Act, including a description of the <br />proposed work and estimated costs, and to issue general obligation bonds to finance the cost of <br />street reconstruction activities described in the plan. <br /> <br />WHEREAS, before the issuance of any bonds under the Act, the City is required to hold a <br />public hearing on the plan and issuance of the bonds. <br /> <br />WHEREAS, pursuant to the Act, the City, in consultation with its City engineer, has caused <br />preparation of a five-year street reconstruction plan for the City (the “Plan”), which describes <br />certain street reconstruction and bituminous overlay activities in the City for the period June 1, <br />2024 to June 1, 2028. The reconstruction activities described in the Plan include but are not <br />limited to the (i) reconstruction of streets in the Pine Haven Area including 81st Street, Elbe <br />Street, Danube Street and Red Maple Lane by required upgrades of the existing stormwater <br />management system and curb replacement, and bituminous surfacing; and (ii) bituminous <br />overlays for Diane Street and Evergreen Trail (collectively, the “Project”). <br /> <br />WHEREAS, the City has determined that it is in the best interests of the City to authorize the <br />issuance and sale of one or more series of general obligation street reconstruction bonds (the <br />“Street Reconstruction Bonds”) pursuant to the Act in the maximum principal amount of <br />$4,550,000, plus any premium received by the City. The purpose of the Street Reconstruction <br />Bonds is to finance the costs of the Project as described in the Plan. <br /> <br />WHEREAS, on the date hereof, the City Council held a public hearing on the Plan and the <br />issuance of the Street Reconstruction Bonds, after publication in the City’s official newspaper of <br />a notice of public hearing at least 10 days but no more than 28 days before the date of the <br />hearing. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes as <br />follows: <br /> <br />Section 1. Plan Approved. <br />1.01. The City Council finds that the Plan will improve the City’s street and utility