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10-24-2016 Council Packet
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10-24-2016 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
10/24/2016
Council Meeting Type
Regular
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<br />I-3 <br /> <br /> <br />$__________ <br />City of Lino Lakes, Minnesota <br />Taxable General Obligation Improvement Refunding Bonds <br />Series 2016B <br /> <br /> <br />We have acted as bond counsel to the City of Lino Lakes, Minnesota (the “Issuer”) in connection <br />with the issuance by the Issuer of its Taxable General Obligation Improvement Refunding Bonds, <br />Series 2016B (the “Bonds”), originally dated November 23, 2016, and issued in the original aggregate <br />principal amount of $________. In such capacity and for the purpose of rendering this opinion we have <br />examined certified copies of certain proceedings, certifications and other documents, and applicable laws <br />as we have deemed necessary. Regarding questions of fact material to this opinion, we have relied on <br />certified proceedings and other certifications of public officials and other documents furnished to us <br />without undertaking to verify the same by independent investigation. Under existing laws, regulations, <br />rulings and decisions in effect on the date hereof, and based on the foregoing we are of the opinion that: <br /> <br />1. The Bonds have been duly authorized and executed, and are valid and binding general <br />obligations of the Issuer, enforceable in accordance with their terms. <br /> <br />2. The principal of and interest on the Bonds are payable primarily from special <br />assessments, but if necessary for the payment thereof ad valorem taxes are required by law to be levied on <br />all taxable property of the Issuer, which taxes are not subject to any limitation as to rate or amount. <br /> <br />3. We express no opinion as to the status of the interest on the Bonds for federal or state <br />income tax purposes. <br /> <br />4. The rights of the owners of the Bonds and the enforceability of the Bonds may be limited <br />by bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting creditor’s rights <br />generally and by equitable principles, whether considered at law or in equity. <br /> <br />We have not been asked and have not undertaken to review the accuracy, completeness or <br />sufficiency of the Official Statement or other offering material relating to the Bonds, and accordingly we <br />express no opinion with respect thereto. <br /> <br />This opinion is given as of the date hereof and we assume no obligation to update, revise, or <br />supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or <br />any changes in law that may hereafter occur. <br /> <br />Dated November 23, 2016 at Minneapolis, Minnesota. <br />
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