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CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 14-89 RESOLUTION DETERMINING THE NECESSITY FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS AND CALLING A SPECIAL ELECTION THEREON (SHENANDOAH AREA IMPROVEMENTS) BE IT RESOLVED by the City Council (the "City Council") of the City of Lino Lakes, Anoka County, Minnesota (the "City"), as follows: 1. The City Council hereby finds and determines that: (a) The City proposes to undertake certain street reconstruction and related upgrades of the existing storm water management system designated as the Shenandoah Area Improvements in the City's Five -Year Street Reconstruction Plan (2015-2019) (the "Shenandoah Area Improvements"). (b) The City is authorized by the provisions of Minnesota Statutes, Chapter 475, as amended (the "Act"), to issue its obligations to fmance the Shenandoah Area Improvements, in whole or in part, and to pledge its full faith, credit and taxing powers to the payment of such obligations. (c) It is necessary and expedient to the sound financial management of the affairs of the City that costs of the Shenandoah Area Improvements as described in the City's Five -Year Street Reconstruction Plan, or any part thereof, be financed in whole or in part by the issuance and sale of the City's general obligation bonds pursuant to the Act in an aggregate principal amount not to exceed $3,150,000. 2. The proposition for the issuance of bonds will be submitted to the voters of the City at a special election to be held on Tuesday, November 4, 2014. The election will be held and conducted in accordance with the laws of the State of Minnesota relating to special municipal elections. 3. The City Clerk is directed to cause a sample ballot in substantially the form attached hereto as EXHIBIT A and a notice of election in substantially the form attached hereto as EXHIBIT B to be posted, published, and delivered as required by law as follows: (a) The notice of election will be delivered to the County Auditor of Anoka County, Minnesota, at least 74 days prior to the election, pursuant to Minnesota Statutes, Section 205.16, subdivision 4, together with a written request to notify the Secretary of State of the election at least 74 days prior to the election pursuant to Minnesota Statutes, Section 205.16, subdivision 5. (b) The notice of election shall be published twice in the official newspaper of the City, the first publication at least two weeks prior to the election and the second at least one week before the election, pursuant to Minnesota Statutes, Section 205.16, subdivision 1. 447831v1 JAE LN140-111 3