25-071 - Resolution - GO Bonds Series 2025A - Lino Lakes

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(b) Utility Revenue Bonds. (i) The City is authorized by the Act and Minnesota Statutes, Chapter 444, as amended ("Chapter 444"), to issue general obligation revenue bonds to finance the costs of improvements to the City's water utility systems. (ii) The City engineer has recommended the construction of various improvements to the City's sewer, water, and storm sewer systems (the "Utility Improvements"). (iii) The Council hereby finds and determines that it is necessary and expedient to the sound financial management of the affairs of the City to issue general obligation bonds in the proposed principal amount of $4,170,000 (the "Utility Portion"), pursuant to the Act and Chapter 444, to provide financing for the Utility Improvements (collectively, the "Utility Project"), and related financing costs. The Street Project and the Utility Project are hereinafter collectively referred to as the "Project." (c) The Council hereby determines that the Street Portion and the Utility Portion shall be issued together in a single series in the aggregate principal amount not to exceed of $8,665,000 (the "Bonds"). The Council hereby designates the Bonds as the "General Obligation Bonds, Series 2025A." 2. Sale of Bonds. The City has retained Ehlers and Associates, Inc. (the "Municipal Advisor"), to serve as the City's independent municipal advisor with respect to the offer and sale of the Bonds and, therefore, is authorized by Section 475.60, subdivision 2(9), of the Act to sell the Bonds other than pursuant to a competitive sale. 3. Authority of Municipal Advisor. The Municipal Advisor is authorized and directed to assist the City in the preparation and dissemination of a Preliminary Official Statement to be distributed to potential purchasers of the Bonds and to open, read, and tabulate the proposals for the purchase of the Bonds for presentation to the Council. The Municipal Advisor is further authorized and directed to assist the City in the award and sale of the Bonds on behalf of the City after receipt of written proposals and to assist the City in the preparation and dissemination of a final Official Statement with respect to the Bonds. 4. Acceptance of Proposal. The Council shall meet at the time specified in the Preliminary Official Statement or at such other time designated by the Council to receive and consider proposals forthe purchase of the Bonds and take any other appropriate action with respect to the Bonds.