2010-042 Council Resolution - Laserfiche WebLink

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• • • RESOLUTION NO. ! 0 - `1 Z A RESOLUTION AWARDING THE SALE OF $1,000,000 OBLIGATION IMPROVEMENT AND UTILITY REVENUE REFUNDING BONDS, SERIES 2010A; 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 (the "City ") as follows: Section 1. Sale of Bonds. 1.01. The proposal of Wells Fargo Bank, National Association, Charlotte, North Carolina (the "Purchaser ") to purchase $1,000,000 General Obligation Improvement and Utility Revenue Refunding Bonds, Series 2010A (the "Bonds ") of the City described in the Terms of Proposal thereof is determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of $1,010,980.25 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2011 2.00% 2016 3.00% 2012 2.00 2017 3.00 2013 2.00 2018 3.00 2014 2.00 2019 3.00 2015 3.00 2020 3.00 True interest cost: 2.6132216% 1.02. The sum of $18,730.25 being the amount proposed by the Purchaser in excess of $992,000 is credited to the Debt Service Fund hereinafter created, or applied to redemption of the Refunded Bonds in accordance with Section 5 hereof, as determined by the City's financial advisor. 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 Acting City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 475 (the "Act ") in the total principal amount of $1,000,000, originally dated June 1, 367721v1 SJB LN140 -106 2