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AMENDMENT OPTION ONE effective date of the resolution ordering the local improvement under subdivision 3 (if no timely objection was filed by the required number of owners) or under subdivision 4. If a petition requesting a vote on the local improvement signed by registered voters equal to at least 5 percent of the votes cast in the last general municipal election is filed with the City Clerk by the end of that 45-day period, then the City may proceed with the local improvemen t, and may issue general obligation bonds to finance the local improvement, only after obtaining approval of a majority of the voters voting on the question at a general or special election. The ballot shall generally describe the proposed local improveme nt, the estimated principal amount of bonds to be issued to finance the local improvement, and the estimated percentage of total debt service on the bonds expected to be paid from ad valorem taxes. Subdivision 6. If the voters do not approve a local i mprovement and issuance of bonds therefore at an election required by subdivision 5, the provisions of Minnesota Statutes, section 475.58, subd. 1a shall apply. Section 4. That Chapter 8, Section 8.05, of the Lino Lakes City Charter is hereby amended as follows: Section 8.053. Assessments for Services. The Council may provide by ordinance that the cost of City services to streets, sidewalks, or other public or private property may be assessed against property benefitted and may be collected in the same manner as special assessmen ts. Such costsservices shall not be deemed to be "special assessments"local improvements for the purposes set forth in Section 8.0301 of this chapter. Section 5. That Chapter 8, Section 8.06, of the Lino Lakes City Charter is hereby repealed: Section 8.06. When under the provisions of section 8.04, Subdivision 1, an improvement is petitioned for by one hundred (100%) percent of the benefitted property owners, such property owners may after the mailing of notice of a public hearing, petition to waive fifty (50) of the sixty (60) days waiting period. After such petition, the City Council may immediately order the proposed project. (Amended) Section 6. That Chapter 8, Section 8.07, of the Lino Lakes City Charter is hereby amended as follows: Section 8.074. Local Improvement; Special Provisions. Subdivision 1. Except as provided in Subdivision 3, in the geographic areas of the City described in Subdivision 2, the construction of local improvements, the levy of special assessment for the financing of those improvements must be conducted in accordance with procedures specified in state law. Subdivision 2. Subdivision 1 applies to land within three (3) geographic areas, each not exceeding 430 acres, legally described as follows: