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2018-157 Council Resolution
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2018-157 Council Resolution
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3/14/2019 12:42:36 PM
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3/8/2019 1:16:11 PM
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City Council
Council Document Type
Resolutions
Meeting Date
11/13/2018
Council Meeting Type
Regular
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RESOLUTION NO. 18 —1 5 7 <br />A RESOLUTION AWARDING THE SALE OF GENERAL <br />OBLIGATION BONDS, SERIES 2018A, IN THE ORIGINAL <br />AGGREGATE PRINCIPAL AMOUNT OF $6,915,000; FIXING <br />THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR <br />EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR <br />PAYMENT <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 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 />(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 <br />amended (the "Municipal Debt Act"), specifically Section 475.58, subdivision 3b; and <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 <br />(collectively, the "Utility Revenue Act"). <br />1.02. Award to the Purchaser and Interest Rates. The proposal of Robert W. Baird & Co., <br />Incorporated, Milwaukee, Wisconsin, as syndicate manager (the "Purchaser"), to purchase the Bonds of the <br />City is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to <br />purchase the Bonds at a price of $7,250,157.49 (the par amount of the Bonds of $6,915,000.00, plus original <br />issue premium of $414,607.00, less original issue discount of $13,414.35, less an underwriter's discount of <br />$66,035.16), for Bonds bearing interest as follows: <br />Year <br />Interest Rate <br />Year <br />Interest Rate <br />2020 <br />5.000% <br />2028 <br />5.000% <br />2021 <br />5.000 <br />2029 <br />3.000 <br />2022 <br />5.000 <br />2030 <br />3.000 <br />2023 <br />5.000 <br />2031 <br />3.125 <br />2024 <br />5.000 <br />2032 <br />3.250 <br />2025 <br />3.500 <br />2033 <br />3.375 <br />2026 <br />5.000 <br />2034 <br />3.500 <br />2027 <br />5.000 <br />5398950 JAE LN140-118 <br />
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