|
486866v1 JAE LN140-117 2
<br />RESOLUTION NO. 16-147
<br />
<br />A RESOLUTION AWARDING THE SALE OF GENERAL
<br />OBLIGATION TAX ABATEMENT REFUNDING BONDS,
<br />SERIES 2016C, IN THE ORIGINAL AGGREGATE PRINCIPAL
<br />AMOUNT OF $1,600,000; FIXING THEIR FORM AND
<br />SPECIFICATIONS; DIRECTING THEIR EXECUTION AND
<br />DELIVERY; PROVIDING FOR THEIR PAYMENT; AND
<br />PROVIDING FOR THE REDEMPTION OF BONDS REFUNDED
<br />THEREBY
<br />
<br />
<br /> BE IT RESOLVED by the City Council (the “City Council”) of the City of Lino Lakes, Anoka
<br />County, Minnesota (the “City”), as follows:
<br />
<br /> Section 1. Sale of Bonds.
<br />
<br /> 1.01. Authorization for Sale of Bonds. Pursuant to a resolution adopted by the City Council of
<br />the City on September 26, 2016, the City authorized the sale of its General Obligation Tax Abatement
<br />Refunding Bonds, Series 2016C (the “Bonds”), to refinance a portion of the approximately 45,000 square
<br />foot recreational facility (the “YMCA Project”) owned and operated by the Young Men’s Christian
<br />Association of the Greater Twin Cities, a Minnesota nonprofit corporation doing business as the YMCA
<br />of the Greater Twin Cities and successor-in-interest to the YMCA of Greater Saint Paul (the “YMCA”).
<br />A portion of the YMCA Project was financed with the proceeds of the City’s General Obligation Tax
<br />Abatement Bonds, Series 2006C (the “Prior Bonds”), dated as of August 15, 2006, issued in the original
<br />aggregate principal amount of $2,460,000, pursuant to Minnesota Statutes, Chapter 475, as amended, and
<br />Minnesota Statutes, Sections 469.1812 through 469.1815, as amended (collectively, the “Act”). The Prior
<br />Bonds are currently outstanding in the principal amount of $1,755,000, of which $1,565,000 in principal
<br />amount is callable on or after February 1, 2017.
<br />
<br />1.02. Award to the Purchaser and Interest Rates. The proposal of _______________ (the
<br />“Purchaser”) to purchase the Bonds of the City is hereby found and determined to be a reasonable offer
<br />and is hereby accepted, the proposal being to purchase the Bonds at a price of $__________ (par amount
<br />of $1,600,000, [plus original issue premium of $_________,] [less original issue discount of
<br />$__________,] less underwriter’s discount of $__________), plus accrued interest to date of delivery, if
<br />any, for Bonds bearing interest as follows:
<br />
<br />Year Interest Rate Year Interest Rate
<br />
<br />2018 % 2021 %
<br />2019 2022
<br />2020 2023
<br />
<br />True interest cost: ___________%
<br />
<br /> 1.03. Purchase Contract. The sum of $___________, being the amount proposed by the
<br />Purchaser in excess of $1,590,400, shall be credited to the Debt Service Fund hereinafter created or
<br />deposited in the Redemption Fund hereinafter created, as determined by the Finance Director of the City
<br />in consultation with the City’s municipal advisor. The Finance Director is directed to deposit the good
<br />faith check or deposit of the Purchaser, pending completion of the sale of the Bonds, and to return the
|