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<br />539895v2 JAE LN140-118 2 <br />RESOLUTION NO. 18-157 <br /> <br />A RESOLUTION AWARDING THE SALE OF GENERAL <br />OBLIGATION BONDS, SERIES 2018A, IN THE ORIGINAL <br />AGGREGATE PRINCIPAL AMOUNT OF $7,169,000; FIXING <br />THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR <br />EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR <br />PAYMENT <br /> <br /> <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 /> <br /> Section 1. Sale of Bonds. <br /> <br /> 1.01 Authorization for Sale of Bonds. Pursuant to a resolution adopted by the City Council of <br />the City on October 8, 2018 (the “Authorizing Resolution”), the City authorized the sale of its General <br />Obligation Bonds, Series 2018A (the “Bonds”), for the following purposes: <br /> <br /> (a) to finance certain street reconstruction projects (the “Street Reconstruction”) <br />within the City included in the “2017–2021 Five-Year Street Reconstruction Plan for the City of <br />Lino Lakes, Minnesota” (the “Plan”), including, among other projects, the reconstruction of West <br />Shadow Lake Drive, Sandpiper Drive, Shadow Court, LaMotte Drive, and LaMotte Circle (the <br />“Overall Street Reconstruction Project”), pursuant to Minnesota Statutes, Chapter 475, as amended <br />(the “Municipal Debt Act”), specifically Section 475.58, subdivision 3b; and <br /> <br /> (b) to finance construction of various improvements to the City’s sanitary sewer and <br />water systems, including but not limited to the construction of water and sanitary sewer <br />improvements related to the Overall Street Reconstruction Project (the “Utility Improvements”), <br />pursuant to the Municipal Debt Act and Minnesota Statutes, Chapter 444, as amended (collectively, <br />the “Utility Revenue Act”). <br /> <br /> 1.02. Award to the Purchaser and Interest Rates. The proposal of ___________ (the “Purchaser”) <br />to purchase the Bonds of the City is hereby found and determined to be a reasonable offer and is hereby <br />accepted, the proposal being to purchase the Bonds at a price of $____________ (the par amount of the Bonds <br />of $7,169,000, [plus original issue premium of $_________,] [less original issue discount of $_________], less <br />an underwriter’s discount of $___________), for Bonds bearing interest as follows: <br /> <br />Year Interest Rate Year Interest Rate <br /> <br />2020 % 2028 % <br />2021 2029 <br />2022 2030 <br />2023 2031 <br />2024 2032 <br />2025 2033 <br />2026 2034 <br />2027 <br /> <br />True interest cost: ____________% <br />