Resolution 24-125 - Laserfiche WebLink

Home Search

CITY OF LINO LAKES RESOLUTION ACCEPTING THE OFFER OF THE MINNESOTA PUBLIC FACILITIES AUTHORITY TO PURCHASE A GENERAL OBLIGATION WATER REVENUE NOTE, SERIES 2024, IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $15,996,190; PROVIDING FOR ITS ISSUANCE; AND AUTHORIZING THE EXECUTION OF A PROJECT LOAN AGREEMENT AND OTHER DOCUMENTS IN CONNECTION THEREWITH BE IT RESOLVED By the City Council of Lino Lakes, Minnesota (the "City") as follows: Section 1. Recitals. (a) The Minnesota Public Facilities Authority (the "PFA") is authorized pursuant to Minnesota Statutes, Chapter 446A, as amended, and Minnesota Rules, Chapter 7380, as amended, to issue its bonds (the "PFA Bonds") and to use the proceeds thereof, together with certain other funds of the agency available for such purpose in the Drinking Water Revolving Fund, to provide loans to political subdivisions of the State of Minnesota (the "State") to fund eligible costs of construction of publicly owned drinking water treatment and distribution facilities in accordance with the Federal Safe Drinking Water Act Amendments of 1996, Public Law 104-182 (the "Program"). (b) The City is authorized to issue its obligations pursuant to Minnesota Statutes, Chapters 444 and 475, as amended (the "Act"), including Section 444.075, for the purpose of financing the construction of a new 8.6 MGD iron and manganese gravity filtration water treatment plant and associated facilities (the "Project"). (c) The City has applied for a loan from the PFA pursuant to the Program, and the PFA has committed to make a loan to the City in the principal amount of $15,996,190, to be disbursed and repaid in accordance with the terms of a Bond Purchase and Project Loan Agreement, dated August 14, 2024 (the "Project Loan Agreement"), between the City and the PFA, in substantially the form now on file with the City and attached hereto as EXHIBIT A. In addition, in accordance with the terms of the Project Loan Agreement, the PFA will provide a Drinking Water State Revolving Fund Principal Forgiveness Grant in the principal amount of $3,000,000 to help finance the Project. The Project Loan Agreement, as executed, is incorporated herein by reference. The execution of the Project Loan Agreement is in accordance with the terms hereof. (d) In accordance with Section 475.60, subdivision 2(4) of the Act, the City is authorized to issue obligations to a board, department or agency of the State by negotiation and without advertisement for bids and the PFA is, and has represented that it is, a board, department or agency of the State.