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2016-145 Council Resolution
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2016-145 Council Resolution
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6/14/2017 11:59:59 AM
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6/12/2017 2:01:19 PM
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City Council
Council Document Type
Resolutions
Meeting Date
10/24/2016
Council Meeting Type
Regular
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RESOLUTION NO. 16-145 <br />A RESOLUTION AWARDING THE SALE OF GENERAL <br />OBLIGATION WATER UTILITY REVENUE BONDS, <br />SERIES 2016A, IN THE ORIGINAL AGGREGATE PRINCIPAL <br />AMOUNT OF $1,420,000; FIXING THEIR FORM AND <br />SPECIFICATIONS; DIRECTING THEIR EXECUTION AND <br />DELIVERY; AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota <br />(the "City"), as follows: <br />Section 1. Sale of Bonds. <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 Water Utility <br />Revenue Bonds, Series 2016A (the "Bonds"), to finance the construction of various improvements to the <br />City's water system (the "Project"), pursuant to Minnesota Statutes, Chapters 444 and 475, as amended <br />(collectively, the "Act"). <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 $1,420,000, [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 />Year Interest Rate Year Interest Rate <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />True interest cost: <br />2023 <br />2024 <br />2025 <br />2026 <br />2027 <br />1.03. Purchase Contract. The sum of $ , being the amount proposed by the <br />Purchaser in excess of $1,407,930, shall be credited to the Debt Service Fund hereinafter created or <br />deposited in the Construction 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 <br />good faith deposits of the unsuccessful proposers. The Mayor and City Administrator are directed to <br />execute a contract with the Purchaser on behalf of the City. <br />1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the <br />Bonds pursuant to the Act and the City Charter in the total principal amount of $1,420,000, originally <br />dated November 23, 2016, in the denomination of $5,000 each or any integral multiple thereof, numbered <br />No. R-1, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and <br />amounts as follows: <br />486864v1 JAE LN 140-117 <br />A-2 <br />
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