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• <br />• <br />EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE CITY OF LINO LAKES <br />ANOKA COUNTY, MINNESOTA <br />Pursuant to due call and notice thereof, a regular meeting <br />of the Council of the City of Lino Lakes, Minnesota was duly held <br />in the City Hall in the City of Lino Lakes, on Monday, January 14, <br />1980, commencing at <br />The following members were present: <br />and the following were absent: <br />* * * * * * * * * * * * * * * * * * * * * * * * * <br />Councilman introduced the following resolution <br />and moved its adoption: <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Lino Lakes, Anoka County, Minnesota: <br />1. That all letters of credit rendered to the City of <br />Lino Lakes shall be for a minimum duration of .365 days. <br />2. That all letters of credit rendered to the City of <br />Lino Lakes ahall have an expiration date of December 31 <br />of the year or a subsequent year following at least <br />365 days. <br />3. That the City staff shall review all letters of credit <br />prior to August 1st of each year for the purpose of <br />exericsing the option thereunder in a timely manner or <br />to require of the institution rendering the credit that <br />New letters of credit be issued prior to the expiration <br />date of the filed letter of credit for all remaining <br />work to be performed. <br />