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2021-056 Council Resolution
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2021-056 Council Resolution
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Last modified
6/22/2021 9:32:27 AM
Creation date
6/22/2021 9:32:13 AM
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City Council
Council Document Type
Resolutions
Meeting Date
06/14/2021
Council Meeting Type
Regular
Resolution #
21-56
Resolution Title
Awarding the Sale of General Obligation Street Reconstruction Bonds, Series 2021A, in the Original Aggregate Principal Amount of $1,815,000; Fixing their Form and Specifications; Directing their Execution and Delivery; and Providing for Their Payment
Resolution Date Passed
06/14/2021
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bakertilly <br /> MUNICIPAL ADVISORS <br /> $1,815,000* <br /> City of Lino Lakes,Minnesota <br /> General Obligation Street Reconstruction Bonds,Series 2021 A <br /> S&P Rating: AA+ <br /> Sale Date: June 14,2021 BBI:2.07% <br /> Average Maturity: 6.128 Years <br /> Bidder TIC <br /> Northland Securities,Inc. 0.9711% <br /> BNY Mellon Capital Markets,LLC 0.9967% <br /> Robert W.Baird&Co.,Incorporated 1.0750% <br /> UMB Bank,N.A. 1.0963% <br /> Bernardi Securities,Inc. 1.1480% <br /> Piper Sandler&Co. 1.1647% <br /> BOK Financial Securities,Inc. 1.2747% <br /> Interest Reoffering Reoffering <br /> Winning Bidder Information Maturity Rate Yield Price <br /> NORTHLAND SECURITIES,INC. 2/01/2023 2.00% 0.20% 102.774°o <br /> D.A.Davidson&Co. 2/01/2024 2.00% 0.25% 104.435% <br /> United Bankers'Bank 2/01/2025 2.00°4 0.40% 105.625% <br /> 2/01/2026 2.00% 0.55% 106.498% <br /> 2/01/2027 2.00% 0.65% 107.339% <br /> 2/01/2028 2.00% 0.80% 107.636% <br /> 2/01/2029 4.00°0 0.85% 122.971% <br /> 2/01/2030 1.00% 1.00% 100.000% <br /> 2/01/2031 1.10% 1.10% 100.000% <br /> 2/01/2032 1.20% 1.20% 100.000% <br /> Purchase Price:$1,906,098.90* <br /> Net Interest Cost:$111,123.10* <br /> TIC:0.9711%* <br /> * Subsequent to bid opening,the total issue size was not changed;however,certain individual maturity amounts have changed. [As a result, <br /> the price,net interest cost,and true interest cost have changed to$1,904,993.60,S113,500.90,and 0.9776%,respectively] <br /> Baker Tilly Municipal Advisors,LLC is a registered municipal advisor and controlled subsidiary of Baker Tilly US,LLP.an accounting firm. <br /> Baker Tilly US,LLP,trading as Baker Tilly,is a member of the global net,ork of Baker Tilly International Ltd.,the members of which are separate and <br /> independent legal entities.©2021 Baker Tilly municipal Advisors.LLC <br /> Page 1 2 <br /> LN140-125-725788.v2 A-2 <br />
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