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RESOLUTION NO. 14-107 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS, SERIES 2014A, IN THE PROPOSED PRINCIPAL AMOUNT OF $2,645,000 BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City") as follows: 1. Improvement Bonds. (a) Certain assessable public improvements, including the extension of sanitary sewer, water, storm sewer facilities and ponds, street, trail and signal improvements known as the 21' Avenue Improvements and the bituminous paving, sanitary sewer, water main, street, storm sewer, and sidewalk improvements known as the Northpointe Improvements (collectively, the "Assessable 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 "Improvement Act"). (b) The costs of the Assessable Improvements will be 100% assessed against the owners of benefitted properties. (c) The City has determined to issue its general obligation bonds in the proposed principal amount of $1,510,000 (the "Improvement Bonds"), pursuant to the City Charter and the Improvement Act, to provide financing for the Assessable Improvements. 2. Water Revenue Bonds. (a) The City engineer has recommended the construction of various improvements to the City's water system, including the construction of a new well and well house (the "Utility Improvements"), pursuant to Minnesota Statutes, Chapters 444 and 475, as amended (collectively, the "Utility Revenue Act"). (b) The City has determined to issue its general obligation bonds in the proposed principal amount of $1,135,000 (the "Water Revenue Bonds"), pursuant to the Utility Revenue Act, to provide financing for the Utility Improvements. 3. Sale of Bonds. (a) It is necessary and expedient to the sound fmancial management of the affairs of the City to issue its General Obligation Bonds, Series 2014A (the `Bonds"), in the proposed aggregate principal amount of $2,645,000, pursuant to the Improvement Act and the Utility Revenue Act (collectively, the "Act") to provide financing for the Assessable Improvements and the Utility Improvements. The Bonds will be issued, sold, and delivered in accordance with the Terms of Proposal attached hereto as EXHIBIT A (the "Terms of Proposal"). (b) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate the sale of the Bonds, it being determined that the City has retained an independent financial advisor in connection with such sale. 449984v1 JAE LN140-113 2