25-071 - GO Bonds Series 2025A - Lino Lakes

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CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 25-71 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS, SERIES 2025A, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $8,665,000; AND TAKING OTHER ACTIONS WITH RESPECT THERETO BE IT RESOLVED By the City Council ("Council") of the City of Lino Lakes, Minnesota (the "City"), as follows: 1. Background. (a) Street Reconstruction Bonds. (i) The City is authorized by Minnesota Statutes, Chapter 475, as amended (the "Act"), including Minnesota Statutes, Section 475.58, subd. 3b, as amended ("Section 475.58, subd. 3b"), to issue general obligation street reconstruction bonds to finance the cost of street reconstruction and bituminous overlay projects. (ii) Pursuant to a resolution adopted by the Council on June 26, 2023, following a duly noticed public hearing, the Council approved by a vote of two-thirds majority of its members present: (i) a Street Reconstruction Plan for the years 2024 — 2028 (the "Plan") that described the streets to be reconstructed and estimated costs over a period of five (5) years; and (ii) the issuance of general obligation bonds, all pursuant to the Act, including Section 475.58, subd. 3b. (iii) The Council hereby finds that no petition for a referendum on the issuance of the bonds to pay the costs of the proposed street reconstruction projects was received by the City within thirty (30) days of the hearing, in accordance with Section 475.58, subd. 3b. (iv) The Council hereby finds and determines that it is necessary and expedient to the sound financial management of the affairs of the City to authorize the issuance of general obligation bonds in the aggregate principal amount not to exceed $4,495,000 (the "Street Portion"), pursuant to the Act, including Section 475.58, subd. 3b, to finance the street reconstruction projects described in the Plan (collectively, the "Street Project"), and related financing costs.