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<br />524239v1 GAF CL162-55 <br />CITY OF LINO LAKES, MINNESOTA <br /> <br />RESOLUTION NO. 18-68 <br /> <br />RESOLUTION CONSENTING TO AND APPROVING THE <br />ISSUANCE BY THE CITY OF COLUMBIA HEIGHTS OF A <br />REVENUE OBLIGATION FOR THE BENEFIT OF LOVE TO <br />GROW ON AND APPROVING OTHER ACTIONS WITH <br />RESPECT THERETO <br /> <br /> <br /> WHEREAS, the City of Lino Lakes, Minnesota (the “City”) is a home rule charter city and <br />political subdivision duly organized and existing under its Charter and the laws of the State of Minnesota; <br />and <br /> <br /> WHEREAS, pursuant to Minnesota Statutes, Sections 469.152 through 469.1655, as amended <br />(the “Act”), the City is authorized to carry out the public purposes described in the Act by providing for <br />the issuance of revenue obligations to provide funds to finance revenue-producing enterprises, whether or <br />not operated for profit; and <br /> <br /> WHEREAS, Minnesota Statutes, Section 471.656, as amended, authorizes a municipality to issue <br />obligations to finance or refinance the acquisition or improvement of property located outside of the <br />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; and <br /> <br /> WHEREAS, Love To Grow On, a Minnesota nonprofit corporation (the “Borrower”), has <br />proposed that the City of Columbia Heights, Minnesota (the “City of Columbia Heights”) issue its <br />revenue obligation (the “Note”), in one or more series, as a taxable or tax-exempt obligation, in an <br />aggregate principal amount not to exceed $3,800,000, under the provisions of the Act and Minnesota <br />Statutes, Section 471.656, as amended, and loan the proceeds thereof to the Borrower to (i) finance the <br />acquisition, construction, and equipping of an approximately 13,000 square foot early childhood <br />educational facility located at 6499 Lakota Trail in the City (the “Project”); (ii) finance capitalized <br />interest on the Note during construction of the Project, if necessary; (iii) fund required reserves for the <br />Note, if any; and (iv) pay the costs of issuing the Note; and <br /> <br />WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and <br />regulations promulgated thereunder require that prior to the issuance of the Note, the City Council of the <br />City (the “City Council”) consent to the issuance of the Note by the City of Columbia Heights after <br />conducting a public hearing thereon preceded by publication of a notice of public hearing (in the form <br />required by Section 147(f) of the Code and applicable regulations) in a newspaper of general circulation <br />within the City at least fourteen (14) days prior to the public hearing date; and <br /> <br /> WHEREAS, a notice of public hearing (the “Public Notice”) was published at least fourteen (14) <br />days before the regularly scheduled meeting of the City Council on the date hereof in the Quad <br />Community Press, the official newspaper of and a newspaper of general circulation in the City, with <br />respect to the required public hearing under Section 147(f) of the Code; and <br /> <br /> WHEREAS, on the date hereof, the City Council conducted a public hearing at which a <br />reasonable opportunity was provided for interested individuals to express their views, both orally and in <br />writing, on the following: (i) consent to the issuance of the Note by the City of Columbia Heights