09/26/2005 Council Packet - Laserfiche WebLink

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