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CITY OF LINO LAKES RESOLUTION NO. 05 -131 RESOLUTION ADOPTING AND CERTIFYING THE PRELIMINARY 2005 TAX LEVY, COLLECTIBLE IN 2006 WHEREAS, Minnesota State Statutes grant local governments the authority to levy property taxes to finance the operations of the local jurisdiction; and, WHEREAS, the City of Lino Lakes annually levies property taxes to finance General Fund operating costs and annual debt service on outstanding indebtedness; and, WHEREAS, the City Council of Lino Lakes has reviewed the proposed 2006 General Fund operating budget and the preliminary 2005 tax levy collectible in 2006; and, WHEREAS, the preliminary levy is the maximum that the City will levy for tax year 2005 collectible in 2006, and which may be lowered but cannot be increased before adopting the final tax levy; and, WHEREAS, the City Council must certify the preliminary 2005 tax levy collectible in 2006 to the Anoka County Auditor by September 15, 2005. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Lino Lakes, Anoka County, Minnesota, hereby does levy on a preliminary basis the following upon taxable property in said City of Lino Lakes: 1. Total amount levied in the year 2005 to be spread for taxes due and payable in the year 2006 is $7,976,907. 2. The total amount above levied is for the following purposes: General Operating Levy $6,912,873 Special Levies Increased PERA Contribution 9,343 Tax Abatement — Target & Kohl's 120,410 General Bonded Debt Public Project Revenue Bond 124,992 Civic Complex Bond 1998A 343,382 G.O. Improvement Bond 1998B 152,519 G.O. Improvement Bond 2003B 22,828 Equipment Certificates of 2003A 44,520 Equipment Certificates of 2003B 92,820 Equipment Certificates of 2004 107,856 Equipment Certificates of 2005 45,364 Total General Obligation Bonded Debt 934,281 TOTAL LEVIES $7,976,907 Adopted by the Lino Lakes City Council this 13th day of September, 2005. Jean Viger, Deputy City Clerk John J. Bergeson, Mayor -29B-