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• <br />• <br />CITY OF LINO LAKES, MINNESOTA <br />RESOLUTION NO. 12-106 <br />RESOLUTION APPROVING POST - ISSUANCE COMPLIANCE <br />PROCEDURE AND POLICY FOR TAX - EXEMPT GOVERNMENTAL BONDS <br />BE IT RESOLVED By the City Council (the "Council ") of the City of Lino Lakes, Minnesota <br />( "City") as follows: <br />Section 1. Recitals. <br />1.01. The City from time to time issues tax- exempt governmental bonds to fmance various public <br />projects. <br />1.02. Under Sections 103 and 140 to 150 of the Internal Revenue Code of 1986, as amended (the <br />"Code ") and related regulations, the City is required to take certain actions after the issuance of such bonds to <br />ensure that interest on those bonds remains tax- exempt. <br />1.03. The City has determined to adopt written procedures regarding how the City will carry out <br />its bond compliance responsibilities, and to that end has caused to be prepared a document titled <br />Post - Issuance Compliance Procedure and Policy for Tax- Exempt Governmental Bonds (the "Policy "). <br />1.04. The Council has reviewed the Policy has determined that it is in the best interest of the City <br />to adopt the Policy. <br />Section 2. Policy Approved. <br />2.01. The Council approves the Policy in substantially the form on file in City Hall. <br />2.02. City staff are authorized to take all actions necessary to carry out the Policy. <br />Adopted by the Council of the City of Lino Lakes this 22nd day of October, 2012. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />O' Donnell and was duly seconded by Council Member Roeser and upon vote being taken <br />thereon, the following voted in favor thereof: <br />O'Donnell, Roeser, Rafferty, Stoesz, Reinert <br />The following voted against same: <br />none <br />ATTEST: <br />uli e Bartell, City Clerk <br />