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• CITY OF LINO LAKES RESOLUTION NO. 14-65 RESOLUTION ADOPTING A STREET RECONSTRUCTION PLAN AND TAKING CERTAIN ACTIONS IN CONNECTION WITH THE ISSUANCE OF STREET RECONSTRUCTION BONDS THEREUNDER follows: BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota (the "City"), as 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 "2015 through 2019 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 2015 through 2019. The reconstruction activities described in the Plan include, but are not limited to, reconstruction of Hokah Drive, Rice Court, Totem Trail, Arrowhead Drive, Tomahawk Trail, Tomahawk Court, Chippewa Trail, and Arrow Court, including the replacement of curb and gutter, as needed, required upgrades of the existing stormwater management system, and bituminous surfacing, and the reconstruction of West Shadow Lake Drive, Sandpiper Drive, Shadow Court, LaMotte Drive, and LaMotte Circle, including upgrades of existing stormwater management system and bituminous surfacing (collectively, the "Project"). 1.04. 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 10 days but no more than 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 anticipates the need to issue general obligation street reconstruction bonds under the Plan (the "Bonds") for the purposes of financing the project costs described as 2015 expenditures. Such Bonds may be issued pursuant to the Act in the principal amount not to exceed $3,150,000. 3.02. The City hereby provides its preliminary approval to the issuance of the Bonds. The Bonds may not be issued without further action by the City Council. Furthermore, the issuance of such Bonds is subject to Section 3.03 hereof. 3.03. If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to