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1. To facilitate strategic investment in the region and community, the City proposes to <br /> submit to electors the question of whether to impose a local sales and use tax of one-half of <br /> one percent (0.5%) on items that are taxable by the State of Minnesota in order to raise <br /> revenue of$35,000,000 to fund the acquisition and betterment of Recreational Facility <br /> Improvements and certain park improvements,including the senior activity services,Lake <br /> Orono dredging, trails, Lake Orono Park improvements, and Youth Athletic Complex <br /> improvements as identified in park master plans. <br /> The question of imposing the taxes shall be submitted to the qualified electors of the City as <br /> city ballot question. <br /> 2. The tax would expire at the earlier of(1) 25 years after the tax is first imposed, or (2) when <br /> the City Council determines that the amount of revenues received from the taxes to finance <br /> the improvement equals or exceed $35,000,000,plus the additional amount needed to pay <br /> the costs related to the issuance of the bonds,including interest on the bonds. <br /> 3. The Council further finds it is in the best interest of the health,welfare, and safety of the <br /> City and its residents and it is necessary and expedient to the sound financial management of <br /> the affairs of the City that the acquisition and betterment of the facilities identified in Section <br /> 1 hereof, or any part thereof,be financed in whole or in part by the issuance and sale of the <br /> City's general obligation bonds pursuant to Minnesota Statutes, Chapter 475, as amended <br /> (the "Bond Act") in one or more series in an aggregate principal amount not to exceed <br /> $35,000,000 plus an amount equal to interest and the costs of the issuance of any bonds. <br /> Passed and adopted this 161h day of July 2018. <br /> John J. Dietz,Mayor <br /> ATTEST: <br /> Tina Allard, City NATUREJ <br />