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09/26/2005 Council Packet
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09/26/2005 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
09/26/2005
Council Meeting Type
Regular
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RESOLUTION NO. 05-150 <br />A RESOLUTION AWARDING THE SALE OF $5,550,000 <br />TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2005A <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota (City) as follows: <br />Section 1. Sale of Bonds. <br />1.01. Award to the Purchaser and Interest Rates. The proposal of Cronin & Company, <br />Inc. (Purchaser) to purchase $5,550,000 Taxable General Obligation Improvement Bonds, Series <br />2005A (Bonds) of the City described in the Terms of Proposal thereof is hereby found and <br />determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the <br />Bonds at a price of $5,532,474.25 plus accrued interest to date of delivery, for Bonds bearing <br />interest as follows: <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2007 4.35% 2015 5.00% <br />2008 4.40 2016 5.00 <br />2009 5.00 2017 5.00 <br />2010 5.00 2018 5.00 <br />2011 5.00 <br />2012 5.00 <br />2013 5.00 <br />2014 5.00 <br />Term Bonds due February 1, 2021 at 5.15 %. <br />True interest cost: 5.0864 <br />1.02. Credit to Debt Service Fund, Good Faith Check, and Contract with the Purchaser. <br />The sum of $43,524.25 being the amount proposed by the Purchaser in excess of $5,488,950 will <br />be credited to the Debt Service Fund hereinafter created. The City Finance Director is directed <br />to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and <br />to return the good faith checks of the unsuccessful proposers forthwith. The Mayor and City <br />Administrator are directed to execute a contract with the Purchaser on behalf of the City. <br />1.03. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell <br />the Bonds pursuant to Minnesota Statutes, Chapter 429 (Act) in the total principal amount of <br />CAW- 268337v1 <br />LN 140 -93 <br />• <br />• <br />• <br />
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