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M <br />$2,500,000 will be secured for the 2011 Road Reconstruction Project. In <br />2012, general obligation bonds in the amount of $2,500,000 will be used to <br />finance improvements for the 2012 Road Reconstruction Project. In 2013, <br />general obligation bonds in the amount of $2,500,000 will be used to finance <br />improvements for the 2013 Road Reconstruction Project. Finally in the year <br />2014, $2,500,000 in general obligation bonds will be secured for the financing <br />of the 2014 Road Reconstruction Project. All five general obligation bond <br />issues will be repaid over a 15 to 20 -year period. The par amount of each <br />issue is based on the amounts listed in Appendix A plus estimated issuance <br />costs. The proposed general obligation street reconstruction bonds (including <br />issuance 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 8 <br />