2020-057 Council Resolution - Laserfiche WebLink

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• • • RESOLUTION NO. 20-57 A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION UTILITY REVENUE BONDS, SERIES 2020A, IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $4,330,000; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council (the "City Council") of the City of Lino Lakes, Anoka County, Minnesota (the "City"), as follows: Section 1. Sale of Bonds. 1.01. Authorization for Sale of Bonds. Pursuant to a resolution adopted by the City Council on April 27, 2020, the City authorized the sale of its General Obligation Utility Revenue Bonds, Series 2020A (the "Bonds"), to finance the construction of various improvements to the City's water system, including the construction of a new water tower (the "Project"), pursuant to Minnesota Statutes, Chapters 444 and 475, as amended (the "Act"). 1.02. Award to the Purchaser and Interest Rates. The proposal of Piper Sandler & Co., Minneapolis, Minnesota, as syndicate manager (the "Purchaser"), to purchase the Bonds of the City is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $4,736,328.65 (par amount of the Bonds $4,330,000.00, plus original issue premium of $435,623.35, less an underwriter's discount of $29,294.70), plus accrued interest, if any, to date of delivery, for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2021 4.000% 2029 4.000% 2022 4.000 2030 2.000 2023 4.000 2031 2.000 2024 4.000 2032 2.000 2025 4.000 2033 2.000 2026 4.000 2034 2.000 2027 4.000 2035 2.000 2028 4.000 True interest cost: 1.4062328% 1.03. Purchase Contract. The sum of $462,618.65, being the amount proposed by the Purchaser in excess of $4,273,710.00, shall be credited to the Debt Service Fund hereinafter created or deposited in the Construction Fund hereinafter created, as determined by the Finance Director of the City in consultation with the City's municipal advisor. The Finance Director is directed to deposit the good faith check or deposit of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith deposits of the unsuccessful proposers. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to the Act in the original aggregate principal amount of $4,330,000, originally dated 2