Laserfiche WebLink
2 <br />RESOLUTION NO. 20-57 <br /> <br />A RESOLUTION AWARDING THE SALE OF GENERAL <br />OBLIGATION UTILITY REVENUE BONDS, SERIES 2020A, IN <br />THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF <br />$4,800,000; FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; AND <br />PROVIDING FOR THEIR PAYMENT <br /> <br /> <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 /> <br /> Section 1. Sale of Bonds. <br /> <br /> 1.01. Authorization for Sale of Bonds. Pursuant to a resolution adopted by the City Council on <br />April 27, 2020, the City authorized the sale of its General Obligation Utility Revenue Bonds, <br />Series 2020A (the “Bonds”), to finance the construction of various improvements to the City’s water <br />system, including the construction of a new water tower (the “Project”), pursuant to Minnesota Statutes, <br />Chapters 444 and 475, as amended (the “Act”). <br /> <br />1.02. Award to the Purchaser and Interest Rates. The proposal of _______________ (the <br />“Purchaser”) to purchase the Bonds of the City is hereby found and determined to be a reasonable offer <br />and is hereby accepted, the proposal being to purchase the Bonds at a price of $_______________ (par <br />amount of the Bonds $4,800,000, [plus original issue premium of $_________,] [less original issue <br />discount of $_________,] less an underwriter’s discount of $_________), plus accrued interest, if any, to <br />date of delivery, for Bonds bearing interest as follows: <br /> <br />Year Interest Rate Year Interest Rate <br /> <br />2021 % 2029 % <br />2022 2030 <br />2023 2031 <br />2024 2032 <br />2025 2033 <br />2026 2034 <br />2027 2035 <br />2028 <br /> <br />True interest cost: _________% <br /> <br /> 1.03. Purchase Contract. The sum of $__________, being the amount proposed by the <br />Purchaser in excess of $4,737,600, shall be credited to the Debt Service Fund hereinafter created or <br />deposited in the Construction Fund hereinafter created, as determined by the Finance Director of the City <br />in consultation with the City’s municipal advisor. The Finance Director is directed to deposit the good <br />faith check or deposit of the Purchaser, pending completion of the sale of the Bonds, and to return the <br />good faith deposits of the unsuccessful proposers. The Mayor and City Administrator are directed to <br />execute a contract with the Purchaser on behalf of the City. <br /> <br /> 1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the <br />Bonds pursuant to the Act in the original aggregate principal amount of $4,800,000, originally dated