06-14-2021 Council Packet - Laserfiche WebLink

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LN140-125-725788.v1 2 RESOLUTION NO. 21-56 A RESOLUTION 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 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 of the City on May 10, 2021 (the “Authorizing Resolution”), the City authorized the sale of its General Obligation Street Reconstruction Bonds, Series 2021A (the “Bonds”), to finance certain street reconstruction projects (the “Street Reconstruction”) within the City included in the five-year street reconstruction plan adopted by the City Council on June 22, 2020 (the “Plan”), including, among other projects, reconstruction of 4th Avenue (Main to Pine), Karth Road, Joyer Lane, Talle Lane, Canfield Road, and Gaage Lane in the City (the “Street Reconstruction”), pursuant to Minnesota Statutes, Chapter 475, as amended, specifically Section 475.58, subdivision 3b (the “Act”). 1.02. Award to the Purchaser and Interest Rates. The proposal of _____________________________ (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 $____________ (the par amount of the Bonds of $1,815,000, [plus original issue premium of $_________,] [less original issue discount of $_________], less an underwriter’s discount of $___________), plus accrued interest, if any, for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2023 % 2028 % 2024 2029 2025 2030 2026 2031 2027 2032 True interest cost: ____________% 1.03. Purchase Contract. The sum of $___________, being the amount proposed by the Purchaser in excess of $1,800,480, 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.