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unanimous vote of the council. Once the plan is approved and the bond sale is authorized, there <br />is a 30 day period in which citizens could petition for a reverse referendum on the bond sale. A <br />timeline for the issuance of street reconstruction bonds is included in attachment 3. <br />If the Council is interested in issuing street reconstruction bonds, it is advantageous to issue these <br />bonds in conjunction with the refunding bond issue. Ehlers and Associates, the City's fiscal <br />agents, estimate that by combining the two bond issues the city will save $24,000 in issuance <br />costs. Because smaller bond issues tend to receive fewer bids, combining the two issues into <br />one larger issue should create a more competitive bidding environment and has the potential to <br />result in lower interest rates. If the Council wishes to proceed with issuing pavement <br />management bonds, a motion calling for a public hearing on adoption of the City's Five -Year <br />Street Reconstruction Plan and its intention to issue up to the decided amount of General <br />Obligation Street Reconstruction Bonds to finance the improvements is required. Information on <br />road funding needs is included as attachment 4. <br />Request for Council Action <br />A motion to adopt the Resolution Adopting the 2017 Preliminary General Fund Budget and the <br />Resolution Adopting the 2017 Preliminary Tax Levy. <br />In addition, if the Council is in favor of bonding for future road projects, a motion calling for a <br />public hearing on adoption of a Five -Year Street Reconstruction Plan and the City's intention to <br />issue up to the decided amount of General Obligation Street Reconstruction Bonds to finance the <br />improvements. <br />Attachments: <br />1) 2017 Preliminary Budget and Tax Levy Information <br />2) Resolution Adopting the Preliminary General Fund Budget <br />3) Resolution Adopting the Preliminary Tax Levy <br />4) Road Funding Information <br />