26-37 - Resolution - GO Bonds 2026A Issuance

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CITY OF LINO LAKES, MINNESOTA RESOLUTION NO.26-37 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS, SERIES 2026A, IN THE PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $8,355,000 BE IT RESOLVED By the City Council of the City of Lino Lakes, Minnesota (the "City") as follows: Section 1. Authorization. 1.01. Abatement Bonds. (a) The City has determined to finance the extension and improvement of Otter Lake Road in the City including utility improvements (the "Project"). (b) Under Minnesota Statutes, Chapter 475, as amended, and Sections 469.1812 through 469.1815, as amended (collectively, the "Abatement Act"), the City is authorized to grant a property tax abatement on specified parcels in order to pay for all or part of the cost of financing or providing public infrastructure, increasing or preserving the tax base, providing employment opportunities, and helping provide access to services for residents of the City. (c) On the date hereof, following a duly noticed public hearing, the City Council adopted a resolution (the "Abatement Resolution") approving a property tax abatement (the "Abatements") for certain property in the City (the "Abatement Parcels") over a period of ten (10) years, in an amount sufficient to paythe principal amount of and a portion of the interest on bonds issued to finance a portion of the Project (the "Abatement Project") in a maximum amount of $5,000,000. (d) In the Abatement Resolution, the City Councilfound and determined thatthe Abatement Project benefits the Abatement Parcels and that the maximum principal amount of bonds to be secured by Abatements does not exceed the estimated sum of Abatements from the Abatement Parcels for the term authorized under the Abatement Resolution. (e) It is necessary and expedient to the sound financial management of the affairs of the City forthe Cityto issue general obligations bonds in the approximate principal amount of $4,870,000 (the "Abatement Bonds"), pursuant to the Abatement Act, to provide financing for the Abatement Project. 4937-5169-0646.1