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Sadoption: Council Member° ' Donnell introduced the following resolution and moved its • • CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 10 -70 (Option A) RESOLUTION DETERMINING THE NECESSITY FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS AND CALLING A SPECIAL ELECTION THEREON BE IT RESOLVED by the City Council (the "City Council ") of the City of Lino Lakes, Anoka County, Minnesota (the "City "), as follows: 1. The City Council hereby finds and determines that: (a) it is in the best interest of the health, welfare, and safety of the City and its residents that the City construct improvements to the intersection of Main Street and Lake Drive and the intersection of Birch Street and Ware Road, in each case including installation of traffic signals, widening, median placement and resurfacing (collectively, the "Project "); (b) the City is authorized by the provisions of Minnesota Statutes, Chapter 475, as amended (the "Act'), to issue its obligations to finance the Project in whole or in part and to pledge its full faith, credit and taxing powers to the payment of such obligations; and (c) it is necessary and expedient to the sound financial management of the affairs of the City that the Project be financed in whole or in part by the issuance and sale of the City's general obligation bonds pursuant to the Act in a principal amount not to exceed $ 1,840,000. 2. The proposition for the issuance of the bonds will be submitted to the voters of the City at a special election to be held on Tuesday, November 2, 2010. The election will be held and conducted in accordance with the laws of the State of Minnesota relating to special municipal elections. 3. The City Clerk is directed to cause a sample ballot in substantially the form attached as Exhibit A and a notice of election in substantially the form attached as Exhibit B to be posted, published, and delivered as required by law as follows: (a) The notice of election will be delivered to the County Auditor of Anoka County, Minnesota, at least 74 days prior to the election, pursuant to Minnesota Statutes, Section 205.16, Subdivision 4, together with a written request to notify the Secretary of State of the election at least 74 days prior to the election pursuant to Minnesota Statutes, Section 205.16, Subdivision 5;