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• • RESOLUTION NO. 13 -68 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2013A, IN THE APPROXIMATE PRINCIPAL AMOUNT OF $615,000 BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City ") as follows: 1. Authorization. It is hereby determined that: (a) Certain assessable public improvements, including the Otter Lake Road Extension in the City (the "Improvements "), have been duly ordered pursuant to the provisions of the home rule charter of the City (the "City Charter ") and Minnesota Statutes, Chapters 429 and 475, as amended (collectively, the "Act "). (b) The Improvements are located within Area No. 2 (Main Street), as defined in Section 8.07, subdivision 2 of the City Charter; therefore, the financing of these Improvements is primarily governed by the Act rather than the special provisions under Chapter VIII of the City Charter. (c) It is necessary and expedient to the sound financial management of the affairs of the City to issue its Taxable General Obligation Improvement Bonds, Series 2013A (the "Bonds "), in the approximate aggregate principal amount of $615,000 pursuant to the City Charter and the Act to provide financing for the Improvements. (d) The City is authorized by Section 475.60, subdivision 2(6) of the Act to negotiate the sale of the Bonds, it being determined that, on the advice of Kennedy & Graven, Chartered, as bond counsel, interest on the Bonds cannot be represented to be excluded from gross income for purposes of federal income taxation. 2. Sale of Bonds. To provide financing for the Improvements, the City will therefore issue and sell the Bonds in the amount of $607,620. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $7,380. The excess of the purchase price of the Bonds over the sum of $607,620 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The amounts cited above are subject to adjustment in accordance with the official Terms of Proposal (the "Terms of Proposal "). The Bonds will be issued, sold and delivered in accordance with the Terms of Proposal attached hereto as EXHIBIT A. 3. Authority of Financial Advisor. Springsted Incorporated is authorized and directed to negotiate the Bonds on behalf of the City in accordance with the Terms of Proposal. The City Council will meet at 6:30 P.M. on Monday, June 24, 2013, to consider proposals on the Bonds and take any other appropriate action with respect to the Bonds. 4. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, as bond counsel for the City, is authorized to act as bond counsel and to assist in the preparation and review of necessary documents, certificates and instruments relating to the Bonds. The officers, employees and 424543v1 SJB LN140 -110 2