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25 2013 Expenditures • $2.5 Million — This project includes street reconstruction, storm sewer, sanitary sewer, and water main improvements to the following: 36`' Avenue NE from Harding Street NE to Silver Lake Road, Harding Street NE from 36`h Avenue NE to 37`h Avenue NE, Coolidge Street NE from 36`h Avenue NE to 37`h Avenue NE, and Belden Drive from 36`h Avenue NE. This project also includes sidewalk and sheet lightmn improvements along Stinson Boulevard from 33`d Avenue NE to 37" Avenue NE. 2014 Expenditures • $2.5 Million - This project includes street reconstruction, storm sewer, sanitary sewer, and water main improvements to the following: 36`h Avenue NE fi•om Roosevelt Street NE to Harding Street NE and Edward Street NE from 35`h Avenue NE to County Road D. This project also includes sidewalk and street lighting improvements along Stinson Boulevard from St. Anthony Boulevard to 33rd Avenue NE and street lighting along 33"' Avenue NE from Stinson Boulevard to Highcrest Road. V. FINANCING THE STREET RECONSTRUCTION PLAN The total amount of requested expenditures under the Street Reconstruction Plan is $11,400,000. If these expenditures are to be funded, that amount of money is anticipated to be generated through the tax levy and the sale of $11,400,000 in bonds over the five-year period. In the financing of the Street Reconstruction Plan, one statutory limitation applies. Under Chapter 475, with few exceptions, cities cannot incur debt in excess of 3% of the assessor's taxable market value for the city. In the City the 2010 TMV is $829,050,000. Therefore, the total amount of outstanding debt cannot exceed $16,581,000. As of March 1, 2010, the City had $1,910,000 subject to the legal debt limit. Under the Street Reconstruction Plan, the City will secure up to $1,400,000 in general obligation bonds in the year 2010 to finance Silver Lane Road Reconstruction. In the year 2011, general obligation bonds in the amount of Ehlers & Associates, Inc. Page 7