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<br />CITY OF LINO LAKES, MINNESOTA
<br />RESOLUTION NO. 05-183
<br />RESOLUTION RELATING TO THE ISSUANCE OF REVENUE NOTES
<br />FOR THE BENEFIT OF YMCA OF GREATER SAINT PAUL UNDER
<br />MINNESOTA STATUTES, SECTIONS 469.152 - 469.165; GRANTING
<br />PRELIMINARY APPROVAL THERETO, ESTABLISHING
<br />COMPLIANCE WITH CERTAIN REIMBURSEMENT REGULATIONS
<br />UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED;
<br />AND TAKING CERTAIN OTHER ACTIONS WITH RESPECT
<br />THERETO
<br />WHEREAS, Pursuant to Minnesota Statutes, Sections 469.152 to 469.165, as amended
<br />(the "Act "), the City of Lino Lakes, Minnesota (the "City ") is authorized to carry out the public purposes
<br />described therein and contemplated thereby by issuing its revenue notes or other obligations to finance,
<br />in whole or in part, the cost of the improvement, betterment, and extension of an existing revenue
<br />producing enterprise, for the public purposes expressed in the Act; and
<br />WHEREAS, YMCA of Greater Saint Paul, a Minnesota nonprofit corporation (the "Borrower "),
<br />has submitted an application to the City requesting the issuance of revenue notes pursuant to the Act, in a
<br />principal amount not to exceed $3,000,000, for a project generally described as the construction and
<br />equipping of an approximately 37,000 square feet recreational facility (the "Project "), to be constructed
<br />on land located in the City and legally described as Lot 1, Block 1, the Village No. 3 Addition; and
<br />WHEREAS, pursuant to the requirements of Section 469.154 of the Act, an application to the
<br />Department of Employment and Economic Development (the "DEED Application ") for the Project and the
<br />issuance of revenue notes to finance the:Project.(the "Notes "), has been prepared and is on file with the
<br />City; and
<br />WHEREAS, on November 28, 2005, the City conducted a public hearing on the DEED
<br />Application, the Project, and the issuance of the Notes, and notice of such public hearing was published
<br />as required by Minnesota Statutes, Section 469.154, Subdivision 4, of the Act, and Section 147(f) of the
<br />Internal Revenue Code of 1986, as amended.
<br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes,
<br />Minnesota (the "City Council "):
<br />Section 1. Notice of Public Hearing. The form of Notice of Public Hearing, on file with the City
<br />on the date hereof, as published in the Quad Community Press on November 1, 2005, is hereby ratified.
<br />A public hearing before the City Council was conducted on Monday, November 28, 2005, in accordance
<br />with the requirements of the Act, and Section 147(f) of the Internal Revenue Code of 1986, as amended.
<br />Section 2. DEED Application. In accordance with Section 469.154 of the Act, the Administrator
<br />of the City is hereby authorized and directed to submit the proposal for the Project to the Commissioner of
<br />the Department of Employment and Economic Development ( "DEED "). The Administrator and other
<br />officers, employees and agents of the City are hereby authorized to provide DEED with any information
<br />needed for this purpose, and the Administrator is authorized to initiate and assist in the preparation of such
<br />documents as may be appropriate to the Project, if it is approved
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