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2 <br />systems, which serves the interests of the City as a whole. <br />1.02. The Plan is approved in the form on file in City Hall. <br />Section 2. Street Reconstruction BondsAuthorized. <br />2.01. The City is authorized to issue the Street Reconstruction Bonds in a maximum <br />principal amount of $4,550,000, plus any premium received by the City, in order to finance the <br />Project described in the Plan. City staff, its municipal advisor, and its legal counsel are <br />authorized to take all actions needed to call for the sale of the Street Reconstruction Bonds, <br />subject to the contingency described in Section 3.02 hereof. <br />2.02. If a petition requesting a vote on the issuance of the Street Reconstruction Bonds <br />signed by voters equal to five percent (5%) of the votes cast in the last municipal general election <br />is filed with the City Clerk within thirty (30) days after the date of the public hearing, the City <br />may issue the Street Reconstruction Bonds only after obtaining approval of a majority of voters <br />voting on the question at an election. The authorization to issue the Street Reconstruction Bonds <br />is subject to expiration of the thirty (30) day period without the City’s receipt of a qualified <br />petition under the Act, or if a qualified petition is filed, upon the approving vote of a majority of <br />the voters voting on the question of issuance of the Street Reconstruction Bonds. <br />2.03. City staff are authorized and directed to take all other actions necessary to carry <br />out the intent of this resolution. <br /> <br /> <br />Adopted by the City Council of the City of Lino Lakes this 26th day of June, 2023. <br />Mayor, Rob Rafferty <br />ATTEST: <br />City Clerk, Jolleen Chaika <br /> <br /> <br /> <br />