|
OFFICIAL STATEMENT
<br />CITY OF LINO LAKES, MINNESOTA
<br />$2,460,000*
<br />GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2006C
<br />$570,000
<br />GENERAL OBLIGATION UTILITY REVENUE BONDS, SERIES 2006D
<br />(BOOK ENTRY ONLY)
<br />INTRODUCTORY STATEMENT
<br />This Official Statement contains certain information relating to the City of Lino Lakes, Minnesota
<br />(the "City" or the "Issuer") and its issuance of $2,460,000* General Obligation Tax Abatement
<br />Bonds, Series 2006C (the "Series 2006C Bonds ") and $570,000 General Obligation Utility
<br />Revenue Bonds, Series 2006D (the "Series 2006D Bonds "), collectively referred to as the
<br />"Bonds," the "Obligations," or the "Issues." The Bonds are general obligations of the City for
<br />which the City pledges its full faith and credit and power to levy direct general ad valorem taxes.
<br />Additional sources of security for the Bonds are discussed herein.
<br />Inquiries may be directed to Mr. Alan Rolek, Finance Director, City of Lino Lakes, 600 Town
<br />Center Parkway, Lino Lakes, Minnesota 55014 -1182, or by telephoning (651) 982 -2400.
<br />Inquiries may also be made to Springsted Incorporated, 380 Jackson Street, Suite 300, St. Paul,
<br />Minnesota 55101 -2887, or by telephoning (651) 223 -3000. If information of a specific legal
<br />nature is desired, requests may be directed to Mr. Stephen Bubul, Kennedy & Graven, Chartered,
<br />470 U.S. Bank Plaza, 200 South Sixth Street, Minneapolis, Minnesota 55402, Bond Counsel,
<br />(612) 337 -9300.
<br />RELATED FINANCING
<br />On June 28, 2006 the City issued its $3,500,000 Revenue Note (YMCA Project), Series 2006A
<br />and its $500,000 Revenue Note (YMCA Project), Series 2006B (collectively, the "Notes "). The
<br />Notes are conduit bonds secured solely from loan payments from the YMCA of Greater Saint
<br />Paul, a Minnesota nonprofit corporation (the "YMCA ") and a first mortgage on the YMCA facility.
<br />The Notes are not a general or moral obligation of the City and the taxing power or general
<br />assets or revenues of the City are not pledged to the payment of the Notes.
<br />The proceeds of the Notes were provided to the YMCA to partially finance the construction of an
<br />approximately 42,000- square -foot recreational facility to be located at 7690 Village Drive, Lino
<br />Lakes, Minnesota (the "Project ") and the acquisition and installation of equipment for the
<br />Project. The proceeds of the Series 2006C Bonds will also be used to finance a portion of the
<br />Project.
<br />The City reserves the right, after proposals are opened and prior to award, to increase or reduce the
<br />principal amount of the Series 2006C Bonds offered for sale. Any such increase or reduction will be
<br />made in multiples of $5,000 in any of the maturities. In the event the principal amount of the
<br />Series 2006C Bonds is increased or reduced, any premium offered or any discount taken by the
<br />successful bidder will be increased or reduced by a percentage equal to the percentage by which the
<br />principal amount of the Series 20060 Bonds is increased or reduced.
<br />
|