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