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<br />____________________________ <br />* Preliminary; subject to change. <br />- 1 - <br />OFFICIAL STATEMENT <br />$7,169,000* <br />CITY OF LINO LAKES, MINNESOTA <br />GENERAL OBLIGATION BONDS, SERIES 2018A <br />(BOOK ENTRY ONLY) <br /> <br /> <br /> <br />INTRODUCTORY STATEMENT <br /> <br />This Official Statement contains certain information relating to the City of Lino Lakes, Minnesota <br />(the “City”) and its issuance of $7,169,000* General Obligation Bonds, Series 2018A (the “Bonds”). The <br />Bonds are general obligations of the City for which it pledges its full faith and credit and power to levy <br />direct general ad valorem taxes. Additional sources of security for the Bonds are discussed herein. <br />Inquiries may be directed to Ms. Sarah Cotton, Finance Director, City of Lino Lakes, 600 Town Center <br />Parkway Lino Lakes, Minnesota 55014, by telephoning (651) 982-2410, or by emailing <br />sarah.cotton@ci.lino-lakes.mn.us. Inquiries may also be made to Springsted Incorporated, 380 Jackson <br />Street, Suite 300, Saint Paul, Minnesota 55101-2887, by telephoning (651) 223-3000, or by emailing <br />bond_services@springsted.com. <br /> <br /> <br /> <br />CONTINUING DISCLOSURE <br /> <br />In order to assist the Underwriter in complying with SEC Rule 15c2-12 promulgated by the Securities and <br />Exchange Commission, pursuant to the Securities Exchange Act of 1934, as the same may be amended <br />from time to time, and official interpretations thereof (the “Rule”), pursuant to the resolution awarding the <br />sale of the Bonds (the “Resolution”), the City has entered into an undertaking (the “Undertaking”) for the <br />benefit of holders including beneficial owners of the Bonds to provide certain financial information and <br />operating data relating to the City to the Electronic Municipal Market Access system (“EMMA”) annually, <br />and to provide notices of the occurrence of certain events enumerated in the Rule to EMMA or the <br />Municipal Securities Rulemaking Board (the “MSRB”). The specific nature of the Undertaking, as well as <br />the information to be contained in the annual report or the notices of material events, is set forth in the <br />Undertaking to be executed and delivered at the time the Bonds are delivered in substantially the form <br />attached hereto as Appendix II. <br />The City believes it has complied for the past five years in accordance with the terms of its previous <br />continuing disclosure undertakings entered into pursuant to the Rule, except to the extent the following are <br />deemed to be material. In reviewing its past disclosure practices, the City notes the following: <br />• Prior continuing disclosure undertakings entered into by the City included language stating that the <br />City’s audited financial statements would be filed “as soon as available.” Although not always filed <br />“as soon as available,” the audited financial statements were filed within the required twelve (12) month <br />timeframe as required in each undertaking. <br />A failure by the City to comply with the Undertaking will not constitute an event of default on the Bonds <br />or under any provisions of the Resolution (although holders will have any other available remedy at law or <br />in equity subject to certain limitations). Nevertheless, such a failure must be reported in accordance with <br />the Rule and must be considered by any broker, dealer or municipal securities dealer before recommending <br />the purchase or sale of the Bonds in the secondary market. Consequently, such a failure may adversely <br />affect the transferability and liquidity of the Bonds and their market price.