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follows:
<br />CITY OF LINO LAKES, NIINNESOTA
<br />RESOLUTION NO. 18-167
<br />RESOLUTION CONSENTING TO AND APPROVING THE ISSUANCE BY THE
<br />CITY OF WHITE BEAR LAKE OF REVENUE OBLIGATIONS TO
<br />REFINANCE A PROJECT ORIGINALLY FINANCED WITH THE PROCEEDS
<br />OF REVENUE OBLIGATIONS ISSUED BY THE CITY OF LINO LAKES AND
<br />TAKING OTHER ACTIONS WITH RESPECT THERETO
<br />BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota (the "City"), as
<br />Section 1. Background.
<br />1.01. The City is authorized by the provisions of Minnesota Statutes, Sections 469.152 through
<br />469.1655, as amended (the "Act"), to issue revenue bonds to finance or refinance, in whole or in part, the
<br />costs of the acquisition, construction, reconstruction, improvement, betterment, or extension of projects,
<br />including any properties, real or personal, used or useful in connection with a revenue producing
<br />enterprise, whether or not operated for profit.
<br />1.02. Pursuant to Minnesota Statutes, Section 471.656, as amended, a municipality is
<br />authorized to issue obligations to finance the acquisition or improvement of property located outside of
<br />the corporate boundaries of such municipality if the governing body of the city in which the property is
<br />located consents by resolution to the issuance of such obligations.
<br />1.03. On June 28, 2006, the City issued its Revenue Note (YMCA Project), Series 2006A (the
<br />"Series 2006A Note"), in the original aggregate principal amount of $3,500,000 and loaned the proceeds
<br />thereof, along with the proceeds of the Revenue Note (YMCA Project), Series 2006B, issued by the City
<br />in the original aggregate principal amount of $50.0,000 and no longer outstanding, to the Young Men's
<br />Christian Association of the Greater Twin Cities, a Minnesota nonprofit corporation doing business as the
<br />YMCA of the Greater Twin Cities (the `Borrower"), as successor to the YMCA of Greater Saint Paul, to
<br />finance a portion of the costs of the acquisition, construction, and equipping of an approximately 45,000
<br />square foot recreational facility located at 7690 Village Drive in the City (the "Lino Lakes Project").
<br />1.04. The Borrower has proposed that the City of White Bear Lake, Minnesota (the "Issuer")
<br />issue its revenue obligations (the `Bonds"), in one or more series, as taxable or tax-exempt obligations, in
<br />an aggregate principal amount not to exceed $22,000,000, under the provisions of the Act and Minnesota
<br />Statutes, Section 471.656, as amended, and loan the proceeds thereof to the Borrower to, among other
<br />things, refinance the Lino Lakes Project through the refinancing of the Series 2006A Note.
<br />1.05. The Borrower also intends to use a portion of the proceeds of the Bonds to refinance
<br />other facilities owned by the Borrower and located throughout the Minneapolis/Saint Paul metropolitan
<br />area.
<br />Section 2. Findings; Authorizations and Approvals.
<br />2.01. In accordance with Section 469.155, subdivision 12 of the Act and Minnesota Statutes,
<br />Section 471.656, as amended, the City consents to the issuance of the Bonds by the Issuer to, among other
<br />things, refinance the outstanding Series 2006A Note, thereby refinancing the Lino Lakes Project, subject
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