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CITY OF LINO LAKES, MINNESOTA
<br />RESOLUTION NO.26-59
<br />A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION BONDS, SERIES
<br />2026A, IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $8,355,000;
<br />FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND
<br />DELIVERY; AND PROVIDING FOR THEIR PAYMENT
<br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Minnesota (the "City") as
<br />follows:
<br />Section 1. Sale of Bonds.
<br />1.01. Authorization.
<br />(a) Pursuant to a resolution adopted by the City Council on March 23, 2026 (the
<br />"Authorizing Resolution"), the City authorized the sale of its General Obligation Bonds,
<br />Series 2026A (the "Bonds"), in the proposed aggregate principal amount of $8,355,000, to
<br />finance the extension and improvement of Otter Lake Road in the City including utility
<br />improvements (the "Project"), including associated public infrastructure improvements (the
<br />"Abatement Project") pursuant to Minnesota Statutes, Chapter 475, as amended, and
<br />Sections 469.1812through 469.1815, as amended (the "Abatement Act"), and improvements
<br />to the municipal water and sewer systems (the "Utility Improvements") pursuant to
<br />Minnesota Statutes, Chapters 444 and 475, as amended (the "Utility Revenue Act"). The
<br />Abatement Act and the Utility Revenue Act are referred to collectively herein as the "Act."
<br />(b) In connection with the Abatement Project, the City Council approved a
<br />resolution, following a duly noticed public hearing, on March 23, 2026, approving a property
<br />tax abatement (the "Abatements") for certain property in the City (the "Abatement Parcels")
<br />over a period of ten (10) years, in an amount sufficient to pay the principal amount of and a
<br />portion of the interest on bonds issued to finance the Abatement Project in a maximum
<br />amount of $5,000,000
<br />(c) Pursuant to the Authorizing Resolution, the City is authorized by Section
<br />475.60, subdivision 2(9) of the Act to negotiate the sale of the Bonds, it being determined that
<br />the City has retained an independent municipal advisor in connection with such sale. The
<br />actions of the City staff and municipal advisor in negotiating the sale of the Bonds are ratified
<br />and confirmed in all aspects.
<br />1.02. Award to the Purchaser and Interest Rates. A tabulation of the bids received for the
<br />purchase of the Bonds is attached hereto as EXHIBIT A. The proposal of Brownstone Investment
<br />Group, LLC, New York, New York (the "Purchaser"), to purchase the Bonds is hereby found and
<br />determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds
<br />at a price of $9,225,379.70 (par amount of $8,355,000.00, plus original issue premium of $924,687.20,
<br />Less underwriter's discount of $54,307.50), plus accrued interest, if any, to the date of deliveryfor Bonds
<br />bearing interest as follows:
<br />4931-4985-5651.3
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