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reserves its right to levy for the payment of the bonds. Of course, there is still some risk as to <br />whether or not this levy will be considered a special levy or part of the limited levy. For the past <br />several years, approximately $150,000 of the limited levy has been designated for infrastructure and <br />capital projects so there is some room in the current levy to cover debt service. However, this also <br />means that there may be less available for other funds. Bonds will not be issued until the tax bill is <br />finalized so that the bond is structured to accommodate the city's levy authority. <br /> <br />Action Requested <br />City Council is asked to award the 2003 pavement rehabilitation improvement contract as outlined <br />in Terry Maurer's memo with the understanding that the debt levy may not qualify as a special levy. <br />(Adoption of the assessment roll incorporating the changes made by the City Council at the <br />assessment public hearing will be requested on June 9, 2003.) <br /> <br />S:~COUNCIL\Lori\streetassessment.doc <br /> <br /> <br />