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Extract of Minutes of Meeting <br />of the City Council of the City <br />of Lino Lakes, Anoka County, Minnesota <br />Pursuant to due call and notice thereof a regular meeting of the City Council of the City <br />of Lino Lakes, Anoka County, Minnesota, was held at the City Hall in the City on Monday, <br />May 22, 2006, commencing at 6:30 P.M. <br />The following members of the Council were present: <br />Carlson, O'Donnell, Reinert, Mayor Bergeson <br />and the following were absent: <br />Stoltz <br />* ** <br />The following written resolution was presented by Councilmember Carlson who moved <br />its adoption, the reading of which had been dispensed with by unanimous consent: <br />RESOLUTION NO. 06 -86 <br />RESOLUTION PROVIDING FOR THE ISSUANCE <br />AND SALE OF $570,000 GENERAL OBLIGATION <br />UTILITY REVENUE BONDS, SERIES 2006B <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota (the "City") as follows: <br />1. It is determined that: <br />(a) the City engineer has recommended the construction of various improvements to <br />the City's utility system (the "Project "). <br />(b) the City is authorized by Minnesota Statutes, Section 444.075 (the "Act ") to <br />finance all or a portion of the cost of the Project (the "Project Costs ") by the issuance of general <br />obligation bonds of the City payable from the net revenues of the utility system. The Project <br />Costs are presently estimated by the engineer to be as follows: <br />