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NOTICE OF MOSQUITO CONTROL UTILITY PROJECT

NOTICE OF MOSQUITO CONTROL UTILITY PROJECT NOTICE IS HEREBY GIVEN that the City Council of the City of Grand Forks, North Dakota, proposes to construct improvements to its Mosquito Control Utility, including the construction, furnishing and equip...

NOTICE OF MOSQUITO CONTROL UTILITY PROJECT NOTICE IS HEREBY GIVEN that the City Council of the City of Grand Forks, North Dakota, proposes to construct improvements to its Mosquito Control Utility, including the construction, furnishing and equipping of a mosquito control office, support and storage building. The estimated cost of the improvement is $1,360,000. The City Council proposes to issue bonds to defray the above estimated cost by adoption of a resolution in accordance with Article 9 of Chapter 2 of the Grand Forks City Code, as amended. The resolution which authorizes the issuance of bonds will include a provision for a reserve in an amount equal to the lesser of: (1) the maximum annual debt service to become due on such bonds, or (ii) one hundred twenty-five percent (125%) of the average annual debt service to become due on such bonds, or (iii) ten percent (10%) of the proceeds of such bonds. The reserve is to be established and maintained from bond proceeds or revenues on hand and available therefor. Under terms of the resolution and Article 9 of Chapter 2 of the Grand Forks City Code, as amended, if at any time a deficiency exists in the reserve, the City Council will levy a tax upon all taxable property in the City of Grand Forks for payments of such deficiency. The resolution will also provide that rates, fees and charges for mosquito control service to be provided by the proposed facility, will be established and revised from time to time when necessary, so that the revenues derived from the mosquito control utility will at all times be sufficient to pay when due the principal of and interest on the bonds to be authorized by the resolution, and to maintain the reserve in the amount required by the resolution. Notice is hereby given that written protests against the issuance of such bonds must be filed in the office of the City Auditor of the City of Grand Forks, North Dakota, within twenty (20) days after the publication of this notice. If written protest against the issuance of the bonds, signed by electors of the City of Grand Forks equal in number to at least twenty percent (20%) of the number of voters participating at the last general election held within the City of Grand Forks, are filed in the office of the City Auditor, the bonds described in this notice shall not be issued. If the protest are found to be insufficient or invalid by the City Council, at its July 2, 2007, meeting the City Council may proceed to issue the bonds in accordance with Article 9 of Chapter 2 of the Grand Forks City Code, as amended. Petitions described above shall contain the date of signature, the signature of the elector, the address of the elector. If any of these protest signature requirements are missing from the petition, the protest shall not be counted by the City Auditor. BY ORDER OF THE CITY COUNCIL John Schmisek, City Auditor (April 19, 2007)

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