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RESOLUTION NO. 16-125
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
<br />OF TAXABLE GENERAL OBLIGATION IMPROVEMENT
<br />REFUNDING BONDS, SERIES 2016B, IN THE PROPOSED
<br />AGGREGATE PRINCIPAL AMOUNT OF $1,980,000
<br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota
<br />(the "City") as follows:
<br />1. Authorization.
<br />(a) The City previously issued its Taxable General Obligation Improvement Bonds,
<br />Series 2005A (the "Prior Bonds"), dated November 1, 2005, in the original aggregate principal
<br />amount of $5,550,000, pursuant to Minnesota Statutes, Chapters 429 and 475, as amended, and
<br />Section 8.07, subdivision 3 of the City Charter (collectively, the "Act"). Proceeds of the Prior
<br />Bonds were used to finance the construction of various assessable improvements, including the
<br />Legacy at Wood's Edge Improvements, Streets and Utilities, Phases I and II, Streetscape
<br />Community Green, and lighting projects in the City (collectively, the "Improvements"). The
<br />Prior Bonds are currently outstanding in the principal amount of $2,360,000 and are subject to
<br />optional redemption on or after February 1, 2016.
<br />(b) The City is authorized by Section 475.67, subdivision 3 of the Act to issue and
<br />sell its general obligation bonds to refund obligations and the interest thereon before the due date
<br />of the obligations, if consistent with covenants made with the holders thereof, when determined
<br />by the City Council to be necessary or desirable for the reduction of debt service costs to the City
<br />or for the extension or adjustment of maturities in relation to the resources available for their
<br />payment.
<br />(c) It is necessary and desirable for the reduction of debt service costs to the City
<br />that the City issue its Taxable General Obligation Improvement Refunding Bonds, Series 2016B
<br />(the "Bonds"), in the proposed aggregate principal amount of $1,980,000, pursuant to the Act,
<br />specifically Section 475.67, subdivision 3, to refinance the Improvements through the redemption
<br />and prepayment of $1,935,000 in principal amount of the Refunded Bonds on February 1, 2017.
<br />(d) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate
<br />the sale of the Bonds, it being determined that the City has retained an independent financial
<br />advisor in connection with such sale. The actions of the City staff and the City's municipal
<br />advisor in negotiating the sale of the Bonds are ratified and confirmed in all respects.
<br />3. Sale of Bonds. To refinance the Improvements through the redemption and prepayment
<br />of the Prior Bonds on February 1, 2017 pursuant to the Act, specifically Section 475.67, subdivision 3,
<br />the City will therefore issue and sell the Bonds in the proposed aggregate principal amount of $1,980,000,
<br />which amount is subject to adjustment in accordance with the official terms of Proposal attached hereto as
<br />EXHIBIT A (the "Terms of Proposal"). The Bonds will be issued, sold, and delivered in accordance with
<br />the Terms of Proposal.
<br />4. Authority of Municipal Advisor. Springsted Incorporated is authorized and directed to
<br />negotiate the Bonds on behalf of the City in accordance with the Terms of Proposal. The City Council
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