06-23-25 - City Council Agenda - Laserfiche WebLink

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RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION BONDS, SERIES 2025A, IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $8,090,000; 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. Findings, Determinations; Sale of Bonds. 1.01. Back rg ound. It is hereby determined that: (a) Street Reconstruction Bonds. (i) The City is authorized by Minnesota Statutes, Chapter 475, as amended (the "Act"), including Minnesota Statutes, Section 475.58, subd. 3b, as amended ("Section 475.58, subd. 3b"), to issue general obligation street reconstruction bonds to finance the cost of street reconstruction and bituminous overlay projects. (ii) Pursuant to a resolution adopted by the Council on June 26, 2023, following a duly noticed public hearing, the Council approved by a vote of two-thirds majority of its members present: (i) a Street Reconstruction Plan for the years 2024 — 2028 (the "Plan") that described the streets to be reconstructed and estimated costs over a period of five (5) years; and (ii) the issuance of general obligation bonds, all pursuant to the Act, including Section 475.58, subd. 3b. (iii) The Council hereby finds that no petition for a referendum on the issuance of the bonds to pay the costs of the proposed street reconstruction projects was received by the City within thirty (30) days of the hearing, in accordance with Section 475.58, subd. 3b. (iv) On May 27, 2025, the Council adopted a resolution (the "Intent Resolution"), authorizing the issuance of general obligation bonds in the aggregate principal amount not to exceed $4,495,000 (the "Street Portion"), pursuant to the Act, including Section 475.58, subd. 3b, to finance the street reconstruction projects described in the Plan (the "Street Project"), and related financing costs. (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 utility revenue bonds to finance the costs of improvements to the City's water utility systems. (ii) Within the Intent Resolution, the Council also stated the intention of the City to issue and sell 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 construction of various improvements to the City's utility systems (the "Utility Project"), and related financing costs. The Street Project and the Utility Project are sometimes hereinafter collectively referred to as the "Project." 2 Page 35 of 142