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Section 3. Bonds Authorized. 3.01. The City hereby gives preliminary approval to the issuance of Bonds in one or more series an aggregate amount not to exceed $15,000,000 to finance a portion of the capital improvements set forth in the Plan including without limitation capital improvements related to related to the acquisition of the real property located at 3880 Laverne Avenue N. and 39th Street in the City from the Economic Development Authority of the City of Lake Elmo, Minnesota (the "EDA") pursuant to the redemption and refunding of the EDA's Taxable Public Project Lease Revenue and Limited Tax Bonds, Series 2018A, and the construction and equipping thereon of a new city hall, fire station, law enforcement facility and public works addition and costs of issuance of the Bonds, subject to further details regarding the sale of the Bonds to be set forth in a resolution to be considered by the City Council at a subsequent meeting. 3.02. If a petition requesting a vote on the issuance of the Bonds, signed by voters equal to 5% of the votes cast in the last municipal general election, is filed with the City Clerk within 30 days after the date of the public hearing, the City may issue the Bonds only after obtaining approval of a majority of voters voting on the question at an election. 3.03. Pursuant to Minnesota Statutes, Section 462.356, subd. 2, the Council, by at least a two-thirds vote of all of its members, finds that the Plan and the improvements to be financed with the Bonds do not impact and do not have a relationship to the City's comprehensive plan; the Plan and improvements are consistent with the City's comprehensive plan; therefore, the Council dispenses with the requirements of Minnesota Statutes, Section 462.356, subd. 2 relating to planning commission review of the Plan and the improvements. 3.04 City staff are authorized and directed to take all other actions necessary to carry out the intent of this resolution. Approved this 15th day of June, 2021 by the City Council of the City of Lake Elmo, Minnesota.. CITY OF LAKE ELMO, MINNESOTA Mayor ATTEST: aAAI_� City C rk 2 LA515-85-721587.v1