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8/30/2011 <br />''\ <br />Street Reconstnlction Required Actions <br />• Adopt 5 year Street Reconstruction Plan including: <br />— Street reconstruction projects to be financed <br />— Estimated costs <br />— Planned reconstruction of other streets <br />• Approval required by all 5 members of City Council <br />• Public hearing required, reverse referendum <br />— 5% of votes in last general election can petition within 30 <br />days to have referendum on the bonds <br />,o sF,;, <br />''\ <br />Tax Abateinent Summary <br />• $1,315,000 Tax Abatement Bonds <br />• $480,000 Utility Revenue Bonds <br />• No cash <br />• Finances total project costs of $1,795,000 <br />• Par Amount of bond financing is $1,795,000 <br />''\ <br />