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Section 3. The City Recorder is directed to give not less than ten days' notice of the City <br />election by publication of one notice in the Register Guard, a newspaper published in the City <br />and of general circulation within the City. <br />Section 4. If approved by the electors, the proceeds from the sale of the bonds will be used <br />only for costs related to street preservation projects, bicycle and pedestrian projects and payment <br />of bond issuance costs and not to expand the motor vehicle capacity of the street system. The use <br />of bond proceeds for street preservation projects will be limited to projects included in Exhibit A <br />to this Resolution unless upon completion of all the projects listed in Exhibit A to this Resolution <br />the Council adds other street preservation projects to the list in order to utilize unspent bond <br />proceeds. An outside auditor will report on whether the bond proceeds were used in compliance <br />with these limitations. <br />Section 5. This Resolution shall become effective immediately upon its adoption. <br />The foregoing Resolution adopted the 9th day of July, 2012. <br />City Recorder <br />Page 3 of 3 <br />