Resolution No. 90-04 EDA - Laserfiche WebLink

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After due consideration of the bids, Member Reinert then introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 04-90 A RESOLUTION AWARDING THE SALE OF $1,115,000 PUBLIC PROJECT REVENUE BONDS, SERIES 1990A (CITY OF LINO LAKES INSTALLMENT CONTRACT OBLIGATIONS); DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR EXECUTION OF AN INDENTURE OF TRUST BE IT RESOLVED By the Board of Commissioners of the Lino Lakes Economic Development Authority, Anoka County, Minnesota (the "Authority") as follows: Section 1. Sale of Bonds. 1.01. The bid of Cronin & Company. Incorporated (the "Purchaser") to purchase $1,115,000 Public Project Revenue Bonds, Series 1990A (City of Lino Lakes Installment Contract Obligations) (the "Bonds") of the Authority described in the Official Terms of Offering thereof is found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and is accepted, the bid being to purchase the Bonds at a price of $ 1,097,160.00plus accrued interest to date of delivery, for Bonds bearing interest at the rates per annum hereinafter set forth. Net effective interest rate: 7.11532%. 1.02. The Executive Director is directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful bidders forthwith. The President and Executive Director are directed to execute a contract with the Purchaser on behalf of the Authority. 1.03. The Authority will forthwith issue and sell the Bonds in the total principal amount of $1,115,000 originally dated September 1, 1990, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest at the rates and maturing on February 1 of the years as follows: 2