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� °� _ <br /> 0 0 <br /> CITY of ORONO <br /> � : � <br /> ti <br /> ti <br /> RESOLUTION OF THE CITY COUNCIL <br /> �L`�kEsKo�'�G No. 5 7 1 3 <br /> RESOLUTION APPROVING <br /> STREET RECONSTRUCTION PLAN <br /> AND CONFIRMING INTENT TO ISSUE BONDS <br /> WHEREAS, there has been presented to the City Council of the City of Orono, <br /> Minnesota(the "City") a Street Reconstruction Plan for the City (the"Plan") prepared in <br /> accordance with Minnesota Statutes, Section 475.58, Subd. 3b (the"Act"); and <br /> WHEREAS, the City proposes to issue its General Obligation Street <br /> Reconstruction Bonds (the "Bonds") in the original aggregate principal amount of$5,000,000 to <br /> finance the reconstruction activities identified in the Plan; and <br /> WHEREAS, the City has caused notice of the public hearing on the intention to <br /> issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in. <br /> accordance with the Act; and <br /> WHEREAS, a public hearing was held on the intention to issue the Bonds and on <br /> the proposed Plan has been held on this date, following published notice of the public hearing as <br /> required by the Act; and <br /> WHEREAS, the City Council has determined that the issuance of Street <br /> Reconstruction Bonds in the aggregate principal amount of$5,000,000 is the best way to finance <br /> the reconstruction activities identified in the Plan which are eligible under the Act. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY OF ORONO, <br /> MINNESOTA, AS FOLLOWS: <br /> L The Street Reconstruction Plan for the City is hereby approved. <br /> 2. The Council's intent to issue $5,000,000 in aggregate principal amount of <br /> General Obligation Street Reconstruction Bonds under the Plan to finance the reconstruction <br /> activities identified in the Plan is hereby confirmed. The issuance of the bonds is subject to a <br /> referendum if a petition meeting the requirements of Minnesota Statutes, Section 475.58, Subd. <br /> 3b(a)(2) requesting a vote on the issuance is filed with the City Clerk within 30 days after the <br /> date hereof. <br /> Page 1 of 2 <br />