11/09/2009 Council Packet (2) - Laserfiche WebLink

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Council Member introduced the following resolution and moved its adoption: CITY OF LINO LAKES COUNTY OF ANOKA RESOLUTION NO. 09-97 A RESOLUTION AWARDING THE SALE OF $4,315,000 GENERAL OBLIGATION IMPROVEMENT NOTE OF 2009 FIXING ITS FORM AND SPECIFICATIONS; DIRECTING ITS ISSUANCE AND DELIVERY; AND PROVIDING FOR ITS PAYMENT BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City ") as follows: Section 1. Background: Findings. 1.01. It is hereby determined that: (a) the City and Anoka County (the "County ") have entered into that certain Joint Powers Agreement for the Reconstruction of County State Aid Highway 14 (Main Street) and I- 35E Interchange, County Project No. S.P. 02- 614 -28 (the "Joint Powers Agreement "), regarding reconstruction of the interchange between County State Aid Highway 14 and Interstate 35 -E (the "Project "); (b) under the Joint Powers Agreement, the County will construct and pay for a portion of the cost of the Project, and the City will pay a portion of the cost of the Project; (c) the City has determined to finance a portion of its share of the Project cost through special assessments levied against property in the City benefiting from the Project, and to that end has duly ordered the Project in accordance with all procedures under Minnesota Statutes, Chapter 429 (the "Improvement Act') and the City Charter; (d) under the Joint Powers Agreement, the City has agreed to finance the remaining balance of the City's share of the Project ($4,221,000), together with interest and service charges accrued by the County to carry the City's debt, through issuance by the City, and purchase by the County, of the City's $4,315,000 General Obligation Improvement Note (the "Note "); (e) the County will finance a portion of the County's cost of the Project through issuance of the County's $6,850,000 General Obligation Bonds, Series 2009F, of which bonds $4,315,000 in principal amount represents the City's share of the cost of the Project (such City portion hereafter referred to as the "County Bonds "); • • •