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MEN <br />Avenue NE to Silver Lane, and Fordham Drive from 39`x' Avenue NE to <br />Silver Lane. <br />V. FINANCING THE S'T'REET RECONSTRUCTION PLAN <br />The total amount of requested expenditures under the Street Reconstruction <br />Plan is $11,100,000. If these expenditures are to be funded, that amount of <br />money is anticipated to be generated through the tax levy and the sale of <br />$11,100,000 in bonds over the five-year period. <br />In the financing of the Street Reconstruction Plan, one statutory limitation <br />applies. Under Chapter 475, with few exceptions, cities cannot incur debt in <br />excess of 2% of the assessor's taxable market value for the city. In the City <br />the 2008 TM.V is $893,542,800. Therefore, the total amount of outstanding <br />debt cannot exceed $17,870,856. As of March 1, 2008, the City had <br />$4,755,000 subject to the legal debt limit. <br />Under the Street Reconstruction Plan, the City will secure $2,700,000 in <br />general obligation bonds in the year 2008 to finance Silver Lake Road <br />Reconstruction. In the year 2009, general obligation bonds in the amount of <br />$2,1.00,000 will be secured for the 2009 Road Reconstruction Project. In <br />2010, general obligation bonds in the amount of $2,100,000 will be used to <br />finance improvements for the 2010 Road Reconstruction Project. In 2011, <br />general obligation bonds in the amount of $2,100,000 will be used to finance <br />improvements for the 2011 Road Reconstruction Project. Finally in the year <br />2012, $2,100,000 in general obligation bonds will be secured for the financing <br />of the 2012 Road Reconstruction Project. All four general obligation bond <br />issues will be repaid over a 15 -year period. The par amount of each issue is <br />based on the amounts listed in Appendix A plus estimated issuance costs. The <br />proposed general obligation street reconstruction bonds (including issuance <br />costs) are shown in Appendix B. <br />Continuation of the Street Reconstruction Plan <br />This Street Reconstruction Plan should be reviewed annually by the City <br />Council using the process outlined in this Plan. It should review proposed <br />expenditures, make priority decisions, and seek funding for those expenditures <br />it deems necessary for the City. If deemed appropriate, the Council should <br />prepare an update to this Plan. <br />Ehlers & Associates, Inc. Page 7 <br />