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RESOLUTION NO.2021-066 RESOLUTION APPROVING A CAPITAL IMPROVEMENT PLAN AND GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF CAPITAL IMPROVEMENT BONDS BE IT RESOLVED by the City Council (the "Council") of the City of Lake Elmo, Minnesota (the "City") as follows: Section 1. Background. 1.01. The City is authorized under Minnesota Statutes, 475.521 (the "Act") to prepare a capital improvement plan and carry out programs for financing certain capital improvements. The City may issue general obligation bonds pursuant to the Act to finance the cost of capital improvements described in the plan. 1.02. Before the approval of the Plan and issuance of any general obligation bonds under the Act, the City is required to hold a public hearing on the plan and issuance of the bonds. 1.03. Pursuant to the Act, the City has caused to be prepared a five-year capital improvement plan (the "Plan"), which describes certain capital improvements in the City for the years 2021 through 2025. 1.04. The City has determined that it is in its best interests to give preliminary approval to the issuance and sale of capital improvement bonds pursuant to the Act (the "Bonds"), in one or more series an aggregate amount not to exceed $15,000,000 (in addition to amounts issued to finance other capital improvements under the Plan) to finance a portion of the capital improvements set forth in the Plan including without limitation capital improvements related to the acquisition, construction and equipping of a new city hall, fire station, law enforcement facility and public works addition. 1.05. On this date, the Council held a public hearing on the Plan and the issuance of the Bonds, after publication in the City's official newspaper of a notice of public hearing at least 14 days but no more than 28 days before the date of the public hearing. Section 2. Plan Approved. 2.01. The Council finds that the Plan will provide for certain capital improvements which serve the interests of the City as a whole. 2.02. The Plan is approved in the form on file with the City Administrator. LA515-85-72MTA