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CERTIFICATE OF THE CITY OF LINO LAKES, MINNESOTA
<br />Pursuant to a Resolution adopted by the City of Lino Lakes, Minnesota (the "City") on
<br />February 22, 2016 (the "Note Resolution"), relating to the issuance by the City of a General
<br />Obligation Capital Note, Series 2016A (the "City Note"), the City delegated to the Finance
<br />Director, Clerk and/or Administrator the authority to determine (i) the principal amount of the
<br />City Note provided the principal shall not exceed $340,772; (ii) the interest rate on the City Note
<br />provided the interest rate does not exceed 3.0 percent; (iii) the redemption provisions of the City
<br />Note; and (iv) the amount of the annual tax levy. We hereby certify the following with respect to
<br />the City Note, as follows:
<br />1. The principal of the City Note shall be $294,525.00 and payable in the principal
<br />installments due on the first day of each month in the years and the amounts, respectively, with
<br />each such principal installment bearing interest at the rate of 2.00% per annum until paid in the
<br />amounts as follows:
<br />Principal
<br />Month/Day/Year Installment
<br />02/01/2017
<br />08/01/2017
<br />02/01/2018
<br />08/01/2018
<br />02/01/2019
<br />08/01/2019
<br />02/01/2020
<br />08/01/2020
<br />02/01/2021
<br />08/01/2021
<br />$30,525
<br />30,525
<br />31,350
<br />32,175
<br />Interest Principal Interest
<br />Payment Month/Day/Year Installment Payment
<br />$4,696.04
<br />2,945.25
<br />2,945.25
<br />2,640.00
<br />2,640.00
<br />2,334.75
<br />2,334.75
<br />2,021.25
<br />2,021.25
<br />1,699.50
<br />02/01/2022
<br />08/01/2022
<br />02/01/2023
<br />08/01/2023
<br />02/01/2024
<br />08/01/2024
<br />02/01/2025
<br />08/01/2025
<br />02/01/2026
<br />33,000
<br />33,000
<br />33,825
<br />34,650
<br />35,475
<br />$1,699.50
<br />1,369.50
<br />1,369.50
<br />1,039.50
<br />1,039.50
<br />701.25
<br />701.25
<br />354.75
<br />354.75
<br />2. Interest shall be payable semiannually on the first day of each month in the year
<br />and the months set forth above, commencing February 1, 2017, and as calculated on the basis of
<br />a 360 day year consisting of twelve 30 day months.
<br />3. The City Note is subject to redemption and prepayment without penalty at the
<br />option of the City, (a) on February 1, 2024 and on any date thereafter at a price of par plus
<br />accrued interest; and (b) on any date prior to February 1, 2024 at a price of par plus accrued
<br />interest together with any additional amount that may be necessary to defease the portion of the
<br />General Obligation Capital Notes, Series 2016A issued by the City of Circle Pines, Minnesota
<br />(the "Issuer Note") equal to the outstanding principal amount of the City Note, all in accordance
<br />with the Issuer Note Resolution adopted by the City of Circle Pines, Minnesota on March 22,
<br />2016.
<br />4. As provided in the Resolution, there shall be created a General Obligation Capital
<br />Note, Series 2016A Debt Service Account (the "Debt Service Account"), to be administered and
<br />maintained by the Finance Director, to be maintained in the manner therein specified until the
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