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Extract of Minutes of Meeting <br />of the City Council of the City <br />of Lino Lakes, Anoka County, Minnesota <br />Pursuant to due call and notice thereof a regular meeting of the City Council <br />of the City of Lino Lakes, Anoka County, Minnesota, was held at the City Hall in the <br />City on Monday, August 12, 1996, commencing at 6:30 o'clock P.M. <br />The following members of the Council were present: Bergeson, Kuether, Lyden, <br />Neal, Landers, <br />and the following were absent: none. <br />* * * <br />The following resolution was presented by Councilmember Kuether who <br />moved its adoption: <br />RESOLUTION NO. 96-90 <br />RESOLUTION PROVIDING FOR THE ISSUANCE <br />AND SALE OF $3,320,000 GENERAL OBLIGATION <br />WATER REVENUE BONDS, SERIES 1996B <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka <br />County, Minnesota (City) as follows: <br />1. It is determined that: <br />(a) the City engineer has recommended the construction of various <br />improvements to the City's water system (Project) . <br />(b) the City is authorized by Minnesota Statutes, Section 444.075 <br />(Act) to finance all or a portion of the cost of the Project (Project Costs) by <br />the issuance of general obligation bonds of the City payable from the net <br />revenues of the water system. The Project Costs are presently estimated by <br />the engineer to be as follows: <br />Project Costs: <br />Well No. 3 Pumphouse <br />Tower No. 2 <br />Birch Street Trunk Water <br />Otter Lake Road Trunk Utilities <br />Total Project Costs <br />Insurance Costs <br />DJX108529 <br />LN140-51 <br />$ 500,000 <br />1,200,000 <br />750,000 <br />800,000 <br />$3,250,000 <br />25,250 <br />