2016-010 Council Resolution - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota, as follows: 1. Approval and Form of City Note. The issuance of the City Note to the Issuer is hereby approved. The City Council hereby delegates to the City Finance Director [Clerk] [Administrator] the authority to determine (i) the principal amount of the City Note provided the principal shall not exceed $340,772; (ii) the interest rate on the City Note provided the interest rate does not exceed 3.0 percent; (iii) the redemption provisions of the City Note; (iv) the amount of the annual tax levy as required by paragraph 3 which shall occur after adoption of the Issuer Note Resolution which establishes the principal amount of the Issuer Notes and the interest rate of the Issuer Notes. This determination shall occur after the Issuer has adopted the Issuer Note Resolution. The City Note shall be in fully registered form without interest coupons and shall be dated, mature, bear interest, be subject to redemption and be payable as provided in the form attached hereto as Exhibit A, with such amendments thereto as shall be deemed desirable or necessary by the Mayor and [Clerk] (hereby authorized to execute the City Note by their manual signatures), as evidenced by their execution thereof. 2. Debt Service Account. There is hereby created the General Obligation Capital Note, Series 2016A Debt Service Account (the "Debt Service Account"), to be administered and maintained by the [Finance Director] as a bookkeeping account separate and apart from all other accounts maintained in the official financial records of the City. The Debt Service Account shall be maintained in the manner herein specified until the City Note and the interest thereon have been fully paid. There are hereby pledged and there shall be credited to the Debt Service Account collections of all taxes herein or hereafter levied by the City for the payment of the City Note and interest thereon and any and all other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account. The Debt Service Account shall be used solely to pay the principal and interest on the City Note. 3. Tax Levy; Coverage Test. To provide moneys for payment of the principal and interest on the City Note there is hereby levied upon all of the taxable property in the City a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as part of other general property taxes in the City for the years and in the amounts as follows: Year of Tax Levy Year of Tax Collection Amount 20 -20 20 -20 (See attached Levy Schedule) The tax levies are such that if collected in full will produce the 105% of the amount needed to meet when due the principal and interest payments on the City Note. The tax levies shall be irrepealable so long as the City Note is outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61, Subdivision 3. 4. General Obligation Pledge. For the prompt and full payment of the principal and interest on the City Note, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. If the balance in the 3 7393412v2