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This paper presents a trajectory generation method that optimizes a quadratic cost functional with respect to linear system dynamics and to linear input and state constraints. The method is based on continuous-time flatness-based trajectory generation, and the outputs are parameterized using a polynomial basis. A method to parameterize the constraints is introduced using a result on polynomial nonpositivity. The resulting parameterized problem remains linear-quadratic and can be solved using quadratic programming. The problem can be further simplified to a linear programming problem by linearization around the unconstrained optimum. The method promises to be computationally efficient for constrained systems with a high optimization horizon. As application, a predictive torque controller for a permanent magnet synchronous motor which is based on real-time optimization is presented.