10-24-2016 Council Packet - Laserfiche WebLink

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486864v1 JAE LN140-117 2 RESOLUTION NO. 16-145 A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, SERIES 2016A, IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $1,420,000; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the “City”), as follows: Section 1. Sale of Bonds. 1.01. Authorization for Sale of Bonds. Pursuant to a resolution adopted by the City Council of the City on September 26, 2016, the City authorized the sale of its General Obligation Water Utility Revenue Bonds, Series 2016A (the “Bonds”), to finance the construction of various improvements to the City’s water system (the “Project”), pursuant to Minnesota Statutes, Chapters 444 and 475, as amended (collectively, the “Act”). 1.02. Award to the Purchaser and Interest Rates. The proposal of ___________________ (the “Purchaser”) to purchase the Bonds of the City is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $__________ (par amount of $1,420,000, [plus original issue premium of $__________,] [less original issue discount of $___________,] less underwriter’s discount of $_________), plus accrued interest to date of delivery, if any, for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2018 % 2023 % 2019 2024 2020 2025 2021 2026 2022 2027 True interest cost: ____________% 1.03. Purchase Contract. The sum of $__________, being the amount proposed by the Purchaser in excess of $1,407,930, shall be credited to the Debt Service Fund hereinafter created or deposited in the Construction Fund hereinafter created, as determined by the Finance Director of the City in consultation with the City’s municipal advisor. The Finance Director is directed to deposit the good faith check or deposit of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith deposits of the unsuccessful proposers. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to the Act and the City Charter in the total principal amount of $1,420,000, originally dated November 23, 2016, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: