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2 <br />486695v1 JAE LN140-117 <br /> <br />RESOLUTION NO. 16-116 <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br />OF GENERAL OBLIGATION WATER UTILITY REVENUE <br />BONDS, SERIES 2016A, IN THE AGGREGATE PROPOSED <br />PRINCIPAL AMOUNT OF $1,420,000 <br /> <br /> <br /> BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota <br />(the “City”) as follows: <br /> <br /> 1. Authorization. <br /> <br /> (a) The City engineer has recommended the construction of various improvements to <br />the City’s water system (the “Project”), pursuant to Minnesota Statutes, Chapters 444 and 475, as <br />amended (collectively, the “Act”). <br /> <br /> (b) It is necessary and expedient to the sound financial management of the affairs of <br />the City to issue General Obligation Water Utility Revenue Bonds, Series 2016A (the “Bonds”), <br />in the proposed aggregate principal amount of $1,420,000, pursuant to Act, to provide financing <br />for the Project. <br /> <br /> (c) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate <br />the sale of the Bonds, it being determined that the City has retained an independent financial <br />advisor in connection with such sale. The actions of the City staff and the City’s municipal <br />advisor in negotiating the sale of the Bonds are ratified and confirmed in all respects. <br /> <br /> 2. Sale of Bonds. To provide financing for the Project under the Act, the City will <br />therefore issue and sell the Bonds in the proposed aggregate principal amount of $1,420,000, which <br />amount is subject to adjustment in accordance with the official terms of Proposal attached hereto as <br />EXHIBIT A (the “Terms of Proposal”). The Bonds will be issued, sold, and delivered in accordance with <br />the Terms of Proposal. <br /> <br /> 3. Authority of Municipal Advisor. Springsted Incorporated is authorized and directed to <br />negotiate the Bonds on behalf of the City in accordance with the Terms of Proposal. The City Council <br />will meet at 6:30 P.M. on Monday, October 24, 2016, to consider proposals on the Bonds and take any <br />other appropriate action with respect to the Bonds. <br /> <br /> 4. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, as bond <br />counsel for the City, is authorized to act as bond counsel and to assist in the preparation and review of <br />necessary documents, certificates and instruments relating to the Bonds. The officers, employees and <br />agents of the City are hereby authorized to assist Kennedy & Graven, Chartered in the preparation of such <br />documents, certificates, and instruments. <br /> <br /> 5. Covenants. In the resolution awarding the sale of the Bonds the City Council will set <br />forth the covenants and undertakings required by the Act. <br /> <br /> 6. Official Statement. In connection with the sale of the Bonds, the officers or employees of <br />the City are authorized and directed to cooperate with Springsted Incorporated and participate in the