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CITY OF LAKE ELMO, MINNESOTA RESOLUTION NO. 2026-058 APPROVING A STREET RECONSTRUCTION AND OVERLAY PLAN AND GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF STREET RECONSTRUCTION BONDS WHEREAS, the City of Lake Elmo, Minnesota (the "City") is authorized under Minnesota Statutes, Section 475.58, subdivision 3b, as amended (the "Act") to prepare a plan for reconstruction of streets in the City over the next five years, including a description of the affected streets and estimated costs (the "Plan"), and to issue general obligation bonds to finance the cost of street reconstruction activities described in the Plan; and WHEREAS, pursuant to the Act, the City has caused to be prepared a Five -Year Street Reconstruction Plan for the City of Lake Elmo, Minnesota (the "Plan"), which describes expected street reconstruction activities in the City for the years 2026 through 2030; and WHEREAS, the City has determined that it is in its best interests to give preliminary approval to the issuance and sale of street reconstruction bonds pursuant to the Act in the maximum principal amount of $17,500,000 (the "Bonds"), to finance a portion of the street reconstruction and overlay costs described in the Plan (the "Projects"); and WHEREAS, the Act requires the City to hold a public hearing regarding the Plan and issuance of the Bonds; and WHEREAS, on this date, the 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 public hearing; NOW, THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of Lake Elmo, Minnesota (the "City"), as follows: Section 1. Plan Approved, 1.01. The Council finds that the Plan will improve the City's street system, which serves the interests of the City as a whole. 1.02. The Plan is approved in the form on file in City Hall. Section 2. Bonds Authorized, 2.01. The City hereby preliminarily approves the issuance of Bonds in the maximum principal amount of $17,500,000, in order to finance the Projects described in the Plan, including costs of issuance of the Bonds, subject to further details regarding the sale of the Bonds to be set forth in a resolution to be considered by the City Council at a subsequent meeting. 2.02. If a valid petition requesting an election on the question of the issuance of the Bonds, signed by voters equal to 5% of the votes cast in the last municipal general election, is filed with the City Clerk within 30 days after the date of the public hearing, the City may issue the Bonds under Minnesota Statutes, 4938-9932-1789.1