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RESOLUTION NO. 16426
<br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
<br />OF GENERAL OBLIGATION TAX ABATEMENT REFUNDING
<br />BONDS, SERIES 2016C, IN THE PROPOSED AGGREGATE
<br />PRINCIPAL AMOUNT OF $1,600,000
<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 General Obligation Tax Abatement Bonds,
<br />Series 2006C (the "Prior Bonds"), dated as of August 15, 2006, in the original aggregate principal
<br />amount of $2,460,000, pursuant to Minnesota Statutes, Chapter 475, as amended, and Minnesota
<br />Statutes, Sections 469.1812 through 469.1815, as amended (collectively, the "Act"). Proceeds of
<br />the Prior Bonds were used to finance a portion of the approximately 45,000 square foot
<br />recreational facility owned and operated by the Young Men's Christian Association of the
<br />Greater Twin Cities, doing business as the YMCA of the Greater Twin Cities and
<br />successor -in -interest to the YMCA of Greater Saint Paul (the "YMCA"), pursuant to a
<br />Development Agreement, dated March 13, 2006, between the City and the YMCA. The Prior
<br />Bonds are currently outstanding in the principal amount of $1,755,000, of which $1,565,000 in
<br />principal amount is callable on or after February 1, 2017.
<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 to
<br />issue its General Obligation Tax Abatement Refunding Bonds, Series 2016C (the "Bonds"), in
<br />the proposed aggregate principal amount of $1,600,000, pursuant to the Act, specifically
<br />Section 475.67, subdivision 3, to redeem and prepay the outstanding principal amount of the
<br />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 />2. Sale of Bonds. To redeem and prepay the outstanding Prior Bonds on February 1, 2017
<br />pursuant to the Act, specifically Section 475.67, subdivision 3, the City will therefore issue and sell the
<br />Bonds in the proposed aggregate principal amount of $1,600,000, which amount is subject to adjustment
<br />in accordance with the official Terms of Proposal attached hereto as EXHIBIT A (the "Terms of
<br />Proposal"). The Bonds will be issued, sold, and delivered in accordance with the Terms of Proposal.
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<br />486415v1 JAE LN140-117
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