2021-043 Council Resolution - Laserfiche WebLink

Home Search

RESOLUTION N0. 21-43 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION STREET RECONSTRUCTION BONDS, SERIES 2021A, IN THE PROPOSED AGGREGATE PRINCIPAL AMOUNT OF $11815,000 BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the as follows: 1. Authorization. (a) Pursuant to Minnesota Statutes, Chapter 475, as amended, specifically Section 475.58, subdivision 3b (the "Act"), the City is authorized to finance all or a portion of the cost of street reconstruction projects by the issuance of general obligation bonds of the City payable from ad valorem taxes. (b) On June 16, 2020, following a duly noticed public heating, the City Council of the City adopted a five-year street reconstruction (the "Plan") describing the streets to be reconstructed, estimated costs, and any planned reconstruction of other streets in the City and approved the issuance of obligations by vote of at least a two-thirds majority of the members of the City Council, all pursuant to the Act. (c) Expenditures described in the Plan for 2021 include, among other projects, the reconstruction of z+ Avenue (Main to Pine), Karth Road, Joyer Lane, Talle Lane, Canfield Road, and Gaage Lane in the City (collectively, the "Street Reconstruction"), The City estimates that the total cost of the Street Reconstruction for 2021 is $1,815,000. (d) The City Council has determined that, within thirty (30) days after the hearing, no petition for a referendum on the issuance of bonds to pay costs of the Street Reconstruction was received by the City in accordance with the Act. (e) The City Council finds it necessary and expedient to the sound financial management of the affairs of the City to issue obligations in the proposed principal amount of $1,815,000 (the "Bonds"), pursuant to the Act, to provide financing for the Street Reconstruction. (f) 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. The actions of the City staff and the City's municipal advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. 2. Sale of Bonds. To finance the Street Reconstruction, the City will therefore issue and sell the Bonds in the proposed aggregate principal amount of $1,815,000, which amount is subject to adjustment in accordance with the official Terms of Proposal (the "Terms of Proposal"). The Bonds will be issued, sold and delivered in accordance with the Terms of Proposal attached hereto as EXHIBIT A. 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 Terns of Proposal. The City Council will meet at 6:30 p.m. on Monday, June 14, 20215 to consider proposals on the Bonds and take any other appropriate action with respect to the Bonds. 2 LN 140-I 25-718748.v i