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1 <br />COUNCIL MEET [ NG <br />September 9, 1985 <br />Page Three <br />Series 1985 and told the Council he felt this was a very flexible <br />plan and well suited to the situation in Lino Lakes. This sale <br />is for a three year temporary bond sale and if the bonds are not <br />entirely paid off in three years the bond can be rolled over for <br />another three year period. <br />Mrs. Anderson read Resolution #85 -17. <br />Mr. Kulaszewicz questioned the interest rate of 10% for special <br />assessments. Mr. Langness explained he felt this was necessary <br />in case the bonds have to be rolled over to a permanent bond. <br />Mr. Langness told the Council that he will have a rating review <br />prepared for this issue and it will probably cost about $1,000.00. <br />This fee will be included in the bond issue. <br />Mr. Marier told Mr. Langness that the Council motion was for a <br />temporary three and one half year bond with a 35% letter of credit <br />and if the bond had to be rolled over the letter of credit was to <br />be 52%. He wanted this to be made a part of the Council record. <br />Mr. Schumacher said this has now been incorporated into the de- <br />velopers agreement and letter of credit. <br />Mr. Kulaszewicz moved to adopt Resolution #85 -18. Mr. Bohjanen <br />seconded the motion. Motion carried unanimously. <br />RESOLUTION #85-17 <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />LINO LAKES, ANOKA COUNTY, MINNESOTA <br />HELD: SEPTEMBER 9, 1985 <br />Pursuant to due call and notice thereof, a regular meeting <br />of the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota, was duly called and held at the City Hall in said <br />City on the 9th day of September, 1985, at 7:00 o'clock P.M. <br />The following members were present: Benson, Reinert, Marier, <br />Bohjanen, and Kulaszewicz. <br />and the following were absent: None <br />Member Kulaszewicz introduced the following resolution <br />and moved its adoption: <br />089 <br />