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• Because a general tax levy is necessary to fund a portion of the costs associated with <br />the above referenced street improvements, the City must obtain voter approval prior to <br />proceeding with such improvements. <br />Staff has prepared Resolution No 03-153 calling for the election and approving the <br />question to be voted on (Attached). In general the question requests authorization to <br />allow the City is issue its general obligation bonds in an amount not to exceed <br />$3,615,000 and to pay 89% of the debt service on such bonds with a property tax levy. <br />The remaining 11 % is proposed to be paid by special assessments to benefiting <br />properties abutting the proposed improvements. These numbers are based on the draft <br />feasibility report that staff is completing and preparing for presentation to the City <br />Council on September 22, 2003 and is generally consistent with the street and storm <br />sewer estimates included in the City's adopted Capital Improvement Program (CIP). <br />The project schedule is as follows: <br />1. Authorize Ballot Question <br />2. Submit Ballot Question to County Auditor <br />2. Receive Report and Call for Hearing on Improvements <br />3. Hold Public Hearing on Improvements <br />4. Additional Neighborhood/City wide informational meetings <br />5. Elections <br />• 6. 60 day waiting period (per charter) expires <br />7. Council Authorizes Preparation of Plans and Specs <br />(If referendum approved and no petition against) <br />• <br />Sept. 8, 2003 <br />Sept. 12, 2003 <br />Sept. 22, 2003 <br />Oct. 13, 2003 <br />October <br />November 4, 2003 <br />December 12, 2003 <br />December 15, 2003 <br />The proposed resolution and ballot question has been reviewed by the City's Bond <br />Counsel, Kennedy & Graven. <br />RECOMMENDATION: <br />Staff is recommending adoption of Resolution No. 03-153. <br />ATTACHMENTS <br />1. Resolution 03-153 <br />