09/12/2005 Council Packet - Laserfiche WebLink

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Extract of Minutes of Meeting of the City Council of the City of Lino Lakes, Anoka County, Minnesota Pursuant to due call and notice thereof a regular meeting of the City Council of the City of Lino Lakes, Anoka County, Minnesota, was held at the City Hall in the City on Monday, September 12, 2005, commencing at 6:30 o'clock P.M. The following members of the Council were present: and the following were absent: * ** * * * * * * The following written resolution was presented by Councilmember who moved its adoption, the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 05 -134 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF APPROXIMATELY $3,945,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2005B BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City ") as follows: 1. It is hereby determined that: (a) the City is authorized by Minnesota Statutes, Chapter 475 (the "Act ") and Section 475.67, Subdivision 3, of the Act to issue and sell its general obligation bonds to refund obligations and the interest thereon before the due date of the obligations, if consistent with covenants made with the holders thereof, when determined by the City Council to be necessary or desirable for the reduction of debt service cost to the City or for the extension or adjustment of maturities in relation to the resources available for their payment;