2020-043 Council Resolution - Laserfiche WebLink

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• • RESOLUTION NO. 20-43 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION UTILITY REVENUE BONDS, SERIES 2020A, IN THE PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $4,800,000 BE IT RESOLVED By the City Council (the "City Council") of the City of Lino Lakes, Anoka County, Minnesota (the "City") as follows: 1. Authorization. (a) The City engineer has recommended the construction of various improvements to the City's water system, including the construction of a new water tower (the "Water Project"), pursuant to Minnesota Statutes, Chapters 444 and 475, as amended (the "Act"). (b) It is necessary and expedient to the sound financial management of the affairs of the City to issue its General Obligation Utility Revenue Bonds, Series 2020A (the "Bonds"), in the proposed aggregate principal amount of $4,800,000, pursuant to the Act, to provide financing for the Water Project. (c) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate the sale of the Bonds, it being determined that the City has retained an independent municipal advisor in connection with such sale. 2. Sale of Bonds. The City Council finds it necessary and expedient to the sound financial management of the affairs of the City to issue the Bonds in the proposed aggregate principal amount of $4,800,000, pursuant to the Act, to provide financing for the Water Project. The Bonds will be issued, sold, and delivered in accordance with the Terms of Proposal attached hereto as EXHIBIT A (the "Terms of Proposal"). The Bonds may be offered for public sale or privately placed with a banking institution. 3. Authority of Municipal Advisor. Baker Tilly Municipal Advisors, LLC (the "Municipal Advisor") is authorized and directed to negotiate the Bonds on behalf of the City in accordance with the Terms of Proposal. The City Council will meet at 6:30 P.M. on Monday, June 8, 2020, to consider proposals on the Bonds and take any other appropriate action with respect to the Bonds, subject to the provisions of Section 4 hereof. 4. Parameters of Sale. If market conditions are not favorable on June 8, 2020, the City will not sell the Bonds on such date and will instead delegate the authority to sell the bonds to a pricing committee comprised of the Mayor and the City Administrator (the "Pricing Committee"). The Pricing Committee, with advice from the Municipal Advisor, is authorized and directed to select a new sale date for the Bonds and review proposals for the sale of the Bonds based on the following parameters: (i) the principal amount of the Bonds shall not exceed $5,000,000; and (ii) the true interest cost of the Bonds shall not exceed 4.00%. The City hereby approves the sale of the Bonds to the purchaser selected by the Pricing Committee (the "Purchaser") at the price, principal amount, and rates and subject to other provisions to be determined by the Pricing Committee. Upon approval of the sale of the Bonds to the Purchaser, the Pricing Committee shall complete and sign a certificate (the "Pricing Committee Certificate") in substantially the form set forth in 2