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.a. n . �O� O O � � CITY of ORONO ti RESOLUTION OF THE CITY COUNCIL '�� Gti 7 . . . ... �. . `q.t�ESiI�4' � NO. 5- 7 � ,3 RESOLUTION APPROVING STREET RECONSTRUCTION PLAN AND CONFIRMING INTENT TO ISSUE BONDS . WHEREAS, there has been presented to the City Council of the City of Orono, Minnesota(the"City") a Street Reconstruction Plan for the City (the"Plan")prepared in accordance with Minnesota Statutes, Sectiori 475.58,8ubd. 3b (the"Act"); and WHEREAS, the City proposes to issue its General Obligation Street Reconstruction Bonds (the"Bonds") in the original aggregate principal amount of$5,000,000 to finance the reconstruction activities identified in the Plan; and WHEREAS, the City has caused notice of the public hearing on the intention to issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and in accordance with the Act; and WHEREAS, a public hearing was held on the intention to issue the Bonds and on the proposed Plan has been held on this date, following published notice of the public hearing as required by the Act; and WHEREAS, the City Council has determined that the issuance of Street Reconstruction Bonds in the aggregate principal arnount of$5,000,000 is the best way to finance the reconstruction activities identified in the Plan which are eligible under the Act. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF ORONO, MINNESOTA, AS FOLLOWS: 1. The Street Reconstruction Plan for the City is hereby approved. 2. The Council's intent to issue$5,000,000 in agg�-egate principal amount of General Obligation Street Reconstruction Bonds under the Plan to finance the reconstruction activities identified in the Plan is hereby confirmed. The issuance of the bonds is subject to a referendum if a petition meeting the requirements of Minnesota Statutes, Section 475.58, Subd. 3b(a)(2) requesting a vote on the issuance is filed with the City Clerk within 30 days after the date hereof. Page 1 of 2