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