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Section 3. Bonds Authorized. <br />3.01. The City hereby gives preliminary approval to the issuance of Bonds in one or more <br />series an aggregate amount not to exceed $17,500,000 (in addition to amounts issued to finance other <br />capital improvements under the Plan) to finance a portion of the capital improvements set forth in <br />the Plan including without limitation capital improvements related to the City's Public Safety Building <br />and the City's fire station #3 and costs of issuance of the Bonds, subject to further details regarding <br />the sale of the Bonds to be set forth in a resolution to be considered by the City Council at a <br />subsequent meeting. <br />3.02. If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to <br />5% of the votes cast in the last municipal general election, is filed with the City Clerk within 30 days <br />after the date of the public hearing, the City may issue the Bonds only after obtaining approval of a <br />majority of voters voting on the question at an election. <br />3.03. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Council, by at least a <br />two-thirds vote of all of its members, finds that the Plan and the improvements to be financed with <br />the Bonds do not impact and do not have a relationship to the City's comprehensive plan; the Plan <br />and improvements are consistent with the City's comprehensive plan; therefore, the Council dispenses <br />with the requirements of Minnesota Statutes, Section 462.356, subd. 2 relating to planning commission <br />review of the Plan and the improvements. <br />3.04 City staff are authorized and directed to take all other actions necessary to carry out <br />the intent of this resolution. <br />Approved this 2" a day of November, 2020, by the City Council of the City of Elk River, Minnesota. <br />CITY OF ELK RIVER, MINNESOTA <br />ietz ayor <br />ATTEST: <br />- W <br />Tina Allard, City Clerk <br />2 <br />EL185-64-680623.v1 <br />