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RESOLUTION NO. 94 - 94 EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF LINO LAKES, MINNESOTA HELD: November 16, 1994 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Lino Lakes, Minnesota, was duly called and held at the City Hall in said City on the 14th day of November, 1994, at 6:30 o'clock P.M. The following members were present: and the following members were absent: Member Kuether introduced the following resolution and moved its adoption: RESOLUTION CALLING FOR REDEMPTION OF THE OUTSTANDING GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A WHEREAS: A. The City Council of the City of Lino Lakes, Minnesota, issued on behalf of the City $1,160,000 General Obligation Improvement Bonds, Series 1988A dated October 1, 1988. B. The bonds maturing in the years 1996 and 1997 may be called for redemption and prepayment, on February 1, 1995, and on any interest payment date thereafter at par and accrued interest, all as provided in the resolution of the City Council authorizing the issuance of said Bonds; C. The City Council deems it desirable and in the best interests of the City to call $350,000 in principal amount of the Bonds on February 1, 1995 in accordance with said resolution authorizing the issuance of said Bonds; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota, as follows: 1. The General Obligation Improvement Bonds, Series 1988A of the City maturing in the years 1996 and 1997, and totaling $350,000 shall be redeemed and prepaid on February 1, 1995, at a price of par plus accrued interest.