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RESOLUTION NO.21-56
<br /> A RESOLUTION AWARDING THE SALE OF GENERAL
<br /> OBLIGATION STREET RECONSTRUCTION BONDS,
<br /> SERIES 2021A, IN THE ORIGINAL AGGREGATE PRINCIPAL
<br /> AMOUNT OF $1,815,000; FIXING THEIR FORM AND
<br /> SPECIFICATIONS; DIRECTING THEIR EXECUTION AND
<br /> DELIVERY;AND PROVIDING FOR THEIR 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 May 10, 2021 (the "Authorizing Resolution"), the City authorized the sale of its General
<br /> Obligation Street Reconstruction Bonds, Series 2021A (the "Bonds"), to finance certain street
<br /> reconstruction projects (the "Street Reconstruction") within the City included in the five-year street
<br /> reconstruction plan adopted by the City Council on June 22, 2020 (the "Plan"), including, among other
<br /> projects, reconstruction of 4th Avenue (Main to Pine), Karth Road, Joyer Lane, Talle Lane, Canfield
<br /> Road, and Gaage Lane in the City (the "Street Reconstruction"), pursuant to Minnesota Statutes,
<br /> Chapter 475, as amended, specifically Section 475.58, subdivision 3b(the"Act").
<br /> 1.02. Award to the Purchaser and Interest Rates. The proposal of Northland Securities, Inc.,
<br /> Minneapolis,Minnesota,as syndicate manager(the"Purchaser"),to purchase the Bonds of the City is hereby
<br /> found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the
<br /> Bonds at a price of $1,904,993.60 (the par amount of the Bonds of $1,815,000.00, plus original issue
<br /> premium of$102,501.95, , less an underwriter's discount of$12,508.35), plus accrued interest, if any, for
<br /> Bonds bearing interest as follows:
<br /> Year Interest Rate Year Interest Rate
<br /> 2023 2.000% 2028 2.000%
<br /> 2024 2.000 2029 4.000
<br /> 2025 2.000 2030 1.000
<br /> 2026 2.000 2031 1.100
<br /> 2027 2.000 2032 1.200
<br /> True interest cost: 0.9776497%
<br /> 1.03. Purchase Contract. The sum of$104,513.60,being the amount proposed by the Purchaser in
<br /> excess of$1,800,480.00, shall be credited to the Debt Service Fund hereinafter created or deposited in the
<br /> Construction Fund hereinafter created, as determined by the Finance Director of the City in consultation
<br /> with the City's municipal advisor. The Finance Director is directed to deposit the good faith check or
<br /> deposit of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith
<br /> deposits of the unsuccessful proposers. The Mayor and City Administrator are directed to execute a
<br /> contract with the Purchaser on behalf of the City.
<br /> LN140-125-725788.v2 2
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