07/06/1998 Park Board Packet - Laserfiche WebLink

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Council member Lyden introduced the following resolution and move its adoption: CITY OF LINO LAKES RESOLUTION NO. 98-77 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $4,310,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1998A WHEREAS, it is hereby determined that the following assessable public improvements (the Improvements)have been made, duly ordered or contracts lets for the construction thereof, by the City pursuant to the provisions of Minnesota Statutes,Chapter 429 (Act) Otter Lake Road Realignment $1,372,927 Lake Drive Trunk Utility, Phase 1 2,534,634 Lilac Trunk Utility 402,439 Subtotal 4,310,000 Add: Underwriter's Discount 43,100 Less: Investment Earnings (43,100) Net Bond Issue $4,310,000 WHEREAS, it is necessary and expedient to the sound financial management of the affairs of the City to issue $4,310,000 General Obligation Improvement Bonds, Series 1998A (Bonds) pursuant to the Act to provide financing for the Improvements. WHEREAS, to provide financing for the Improvements, the City will issue and sell Bonds in the amount of $4,266,900. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $43,100. The excess of the purchase price of the Bonds over the sum of $4,266,900 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal. WHEREAS, Springsted, Incorporated is authorized and directed to negotiate the Bonds in accordance with the foregoing Terms of Proposal. The City Council will meet at 6:30 o'clock P.M. on Monday, June 22, 1998, to consider proposals on the Bonds and take any other appropriate action with respect to the Bonds. NOW THEREFORE BE IT RESOLVED,that the above bonds be issued.