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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF LINO LAKES, MINNESOTA <br />HELD: February 22, 2016 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Lino Lakes, Minnesota, was duly called and held at the City Hall on February 22, <br />2016, at 6:30 o'clock P.M. <br />The following members were present: <br />and the following were absent: <br />Member Manthey introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 16-10 <br />RESOLUTION CONCURRING IN THE ISSUANCE OF GENERAL OBLIGATION <br />CAPITAL NOTES, SERIES 2016A TO BE ISSUED BY THE CITY OF CIRCLE PINES, <br />MINNESOTA, AND AUTHORIZING EXECUTION OF A GENERAL OBLIGATION <br />CAPITAL NOTE, SERIES 2016A AND LEVYING A TAX FOR THE PAYMENT THEREOF <br />A. WHEREAS, the City of Lino Lakes, Minnesota (the "City") is a member of the <br />North Metro Telecommunications Commission, an organization formed with the Cities of Circle <br />Pines, Blaine, Centerville, Ham Lake, Lexington, Lino Lakes and Spring Lake Park, Minnesota <br />(together with the City, the "Joint Cities") by the execution of a Joint and Cooperative <br />Agreement for the Administration of a Cable Communication System (the "Agreement") for <br />which the general purpose is to monitor the operation and activities of cable communications <br />(the "Project") as more particularly described in the Agreement; and <br />B. WHEREAS, the City of Circle Pines, Minnesota (the "Issuer") proposes to issue <br />its General Obligation Capital Notes, Series 2016A (the "Issuer Notes") not to exceed <br />$2,065,000 pursuant to a resolution to be adopted (the "Issuer Note Resolution") to fmance the <br />Joint Cities share of the costs to finance the acquisition of capital equipment for the Project (the <br />"Equipment"); and <br />C. WHEREAS, in order to induce the Issuer to issue the Issuer Notes to fmance the <br />acquisition of the Equipment it is proposed that the City will issue its General Obligation Capital <br />Note, Series 2016A in an amount not to exceed $340,772 (the "City Note"), pursuant to <br />Minnesota Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to pay its share of the <br />debt service on the Issuer Notes; and <br />D. WHEREAS, each piece of equipment to be financed by the Issuer Notes has an <br />expected useful life at least as long as the term of the Issuer Notes; and <br />E. WHEREAS, the amount of the City Note does not exceed one-quarter of one <br />percent (0.25%) of the market value of the taxable property in the City; and <br />2 <br />7393412v2 <br />