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RESOLUTION NO. 16-146
<br />A RESOLUTION AWARDING THE SALE OF TAXABLE
<br />GENERAL OBLIGATION IMPROVEMENT REFUNDING
<br />BONDS, SERIES 2016B, IN THE ORIGINAL AGGREGATE
<br />PRINCIPAL AMOUNT OF $1,980,000; FIXING THEIR FORM
<br />AND SPECIFICATIONS; DIRECTING THEIR EXECUTION
<br />AND DELIVERY; PROVIDING FOR THEIR PAYMENT; AND
<br />PROVIDING FOR THE REDEMPTION OF BONDS REFUNDED
<br />THEREBY
<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 Taxable General Obligation
<br />Improvement Refunding Bonds, Series 2016B (the "Bonds"), to refund the City's Taxable General
<br />Obligation Improvement Bonds, Series 2005A (the "Prior Bonds"), dated November 1, 2005, and issued
<br />in the original aggregate principal amount of $5,550,000, which are currently outstanding in the principal
<br />amount of $2,360,000 and subject to optional redemption on or after February 1, 2016. The Prior Bonds
<br />were issued pursuant to Minnesota Statutes, Chapters 429 and 475, as amended, and Section 8.07,
<br />subdivision 3 of the City Charter (collectively, the "Act"). Proceeds of the Prior Bonds were used to
<br />finance the construction of various assessable improvements, including the Legacy at Wood's Edge
<br />Improvements, Streets and Utilities, Phases I and II, Streetscape Community Green, and lighting projects
<br />in the City (collectively, the "Prior Improvements").
<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 $1,980,000, [plus original issue premium of $ ,] [less original issue discount of
<br />$ ,] less underwriter's discount of $ ), plus accrued interest to date of delivery, if any,
<br />for Bonds bearing interest as follows:
<br />Year Interest Rate Year Interest Rate
<br />2018 % 2020
<br />2019 2021
<br />True interest cost:
<br />1.03. Purchase Contract. The sum of $ , being the amount proposed by the Purchaser
<br />in excess of $1,966,140, shall be credited to the Debt Service Fund hereinafter created or deposited in the
<br />Redemption Fund hereinafter created, as determined by the Finance Director of the City in consultation
<br />with the City's municipal advisor. The Finance Director is directed to deposit the good faith check or
<br />deposit of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith
<br />deposits of the unsuccessful proposers. The Mayor and City Administrator are directed to execute a
<br />contract with the Purchaser on behalf of the City.
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