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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 15-03 <br />RESOLUTION APPROVING POST -ISSUANCE COMPLIANCE <br />PROCEDURE AND POLICY FOR TAX-EXEMPT <br />GOVERNMENTAL BONDS <br />BE IT RESOLVED By the Board of Commissioners (the "Board of Commissioners") of the Lino <br />Lakes Economic Development Authority, a body corporate and politic and political subdivision of the State <br />of Minnesota (the "Authority"), as follows: <br />Section 1. Recitals. <br />1.01. The Authority from time to time issues tax-exempt governmental bonds to finance various <br />public capital improvements. <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 Authority is required to take certain actions after the issuance of such <br />bonds to ensure that interest on those bonds remains tax-exempt. <br />1.03. The Authority has determined to adopt written procedures regarding how the Authority will <br />carry out 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 Board of Commissioners has reviewed the Policy has determined that it is in the best <br />interest of the Authority to adopt the Policy. <br />Section 2. Policy Approved. <br />2.01. The Board of Commissioners approves the Policy in substantially the form on file with the <br />Executive Director. <br />2.02. Authority staff are authorized to take all actions necessary to carry out the Policy. <br />Adopted by the Board of Commissioners of the Lino Lakes Economic Development Authority this 11th <br />day of May, 2015. <br />ATTEST: <br />c iv irector <br />460517v1 JAE LN140-112 <br />President <br />