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Section 4. <br /> If approved by the electors, the proceeds from the sale of the bonds will be <br />used only for costs related to street preservation projects, off-street bicycle and pedestrian path <br />preservation projects and payment of bond issuance costs and not to expand the capacity of the <br />street system. The use of bond proceeds for street preservation projects will be limited to <br />projects included in Exhibit A to this Resolution unless upon completion of all the projects listed <br />in Exhibit A to this Resolution the Council adds other street preservation projects to the list in <br />order to utilize unspent bond proceeds. An outside auditor will report on whether the bond <br />proceeds were used in compliance with these limitations. <br />Section 5. <br /> This Resolution shall become effective immediately upon its adoption. <br />The foregoing Resolution adopted the ____ day of ______________, 2008. <br /> _____________________________________ <br />City Recorder <br />00202753.DOC;1 <br />Resolution - 3 <br /> <br />