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• • • RESOLUTION NO. 15-31 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS, SERIES 2015A, IN THE PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $3,645,000 BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City") as follows: 1. Abatement Bonds. (a) The City has determined to acquire, construct, and equip a new fire hall in the City, including the construction of necessary public infrastructure (the "Project"). (b) Under Minnesota Statutes, Chapter 475, as amended, and Sections 469.1812 through 469.1815 (collectively, the "Abatement Act"), the City is authorized to grant a property tax abatement on specified parcels in order to accomplish certain public purposes, including the provision or construction of public infrastructure. (c) Pursuant to a resolution adopted by the City Council of the City on the date hereof (the "Abatement Resolution") following a duly noticed public hearing, the City Council approved a property tax abatement (the "Abatements") for certain property in the City (the "Abatement Parcels") over a period of ten (10) years, in an amount sufficient to pay the principal amount of and interest on bonds issued to finance the Project in a maximum principal amount of $495,000. (d) In the Abatement Resolution, the City found and determined that the Project benefits the Abatement Parcels, and that the maximum principal amount of bonds to be secured by Abatements does not exceed the estimated sum of Abatements from the Abatement Parcels for the term authorized under the Abatement Resolution. (e) It is necessary and expedient to the sound financial management of the affairs of the City to issue its obligations in the aggregate principal amount of $495,000 (the "Abatement Bonds") pursuant to the Abatement Act, to provide financing for the Project. 2. Street Reconstruction Bonds. (a) At a duly called special election held on November 4, 2014, the voters of the City approved the issuance and sale by the City of general obligation bonds in the maximum aggregate principal amount of $3,150,000, pursuant to Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt Act"), to provide funds for street reconstruction and related upgrades of the existing storm water management system designated as the Shenandoah Area Improvements described in the City's Five -Year Street Reconstruction Plan (2015-2019) (the "Street Reconstruction"). (e) It is necessary and expedient to the sound financial management of the affairs of the City to issue its obligations in the aggregate principal amount of $3,150,000 (the "Street Reconstruction Bonds"), pursuant to the Municipal Debt Act, to provide financing for the Street Reconstruction. 458637v1 JAL LN140-115 2