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7C <br /> RESOLUTION NO. 5383 <br /> Establishing a Street Reconstruction Fund and dedicating a portion of Electric and Natural <br /> Gas Franchise Fees to said Fund <br /> CITY OF MOUNDS VIEW <br /> County of Ramsey <br /> State of Minnesota <br /> WHEREAS, the City's existing streets are aging and will need to be reconstructed; <br /> WHEREAS, the City has determined that it wishes to reduce the percentage of the street <br /> reconstruction costs that are paid by property owners; <br /> WHEREAS, the City needs a funding source to pay for its share of street reconstruction projects; <br /> and <br /> WHEREAS, the City is authorized to levy a franchise fee on Electric and Natural Gas sales in the <br /> City of Mounds View of up to 4%; and <br /> WHEREAS,the City has determined that it will levy the full 4%franchise fee in the year 2000 with <br /> at least 1 %2% of the 4% to be used towards future street reconstruction projects. <br /> NOW THEREFORE,BE IT RESOLVED by the City Council of the City of Mounds View that a <br /> Street Reconstruction Fund be hereby established. <br /> BE IT FURTHER RESOLVED, that the Street Reconstruction Fund can only be used to pay for <br /> the costs associated with street rehabilitation/overlay, street reconstruction, or street construction <br /> projects provided,however,that if the City Council determines that any monies in said fund should <br /> be used for some other purpose,it must conduct a public hearing by providing at least fourteen days <br /> public notice and publish a notice of said public hearing in the City's legal newspaper, and approve <br /> such other use of said funds by at least four votes of the City Council. For purposes of this <br /> resolution, street rehabilitation/overlay, street reconstruction, and street construction costs do not <br /> include costs associated with street lighting, storm water, wastewater or water system costs which <br /> will be funded by other sources. <br /> BE IT FURTHER RESOLVED, that for the year 2000, at least 1 %2% of the 4% Electric and <br /> Natural Gas Franchise Fee will be deposited upon receipt, into the Street Reconstruction Fund. <br /> Whereas said resolution was declared to have been duly passed and adopted this 15th day of <br /> November, 1999. <br /> TTEST: <br /> Mayor <br /> (SEAL) <br /> City Administrator <br />