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RESOLUTION NO. `i
<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 />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 />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 Tax Abatement
<br />Refunding Bonds, Series 2016C (the "Bonds"), to refmance 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 />1.02. Award to the Purchaser and Interest Rates. The proposal of United Bankers' Bank,
<br />Bloomington, Minnesota (the "Purchaser"), to purchase the Bonds of the City is hereby found and
<br />determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a
<br />price of $1,592,800 (par amount of $1,600,000, less underwriter's discount of $7,200), plus accrued
<br />interest to date of delivery, if any, for Bonds bearing interest as follows:
<br />Year Interest Rate Year Interest Rate
<br />2018 1.000% 2021 1.300%
<br />2019 1.100 2022 1.400
<br />2020 1.200 2023 1.500
<br />True interest cost: 1.4607531%
<br />1.03. Purchase Contract. The sum of $2,400, being the amount proposed by the Purchaser in
<br />excess of $1,590,400, 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.
<br />486866v2 JAE LN140-117
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