2006-096 Council Resolution - Laserfiche WebLink

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• • • RESOLUTION NO. 06 -96 RESOLUTION AMENDING SCHEDULE FOR THE ISSUANCE AND SALE OF APPROXIMATELY $2,470,000 GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2006A BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City ") as follows: 1. By Resolution No. 06 -85 approved by the City Council on May 22, 2006 ( "Prior Resolution "), the City approved certain Terms of Proposal for the sale of it's $2,470,000 General Obligation Tax Abatement Bonds, Series 2006A (the "Bonds ") pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815 (the "Act ") to provide financing for a recreational facility (the "Project ") to be owned and operated by the k-MCA of Greater St. Paul ( "YMCA "). 2. The Prior Resolution authorized Springsted Incorporated to negotiate the Bonds in accordance with the Terms of Proposal attached thereto, and to bring proposals for consideration by the Council at its meeting on Monday, June 26, 2006. 3. To provide additional financing for the Project, the City also proposes to issue its $3,500,000 Revenue Note (YMCA Project), Series 2006A and it $500,000 Revenue Note (YMCA Project), Series 2006B (together, the "Revenue Notes "). 4. The City has determined that it is in the City's best interest to postpone sale of the Bonds until closing on sale of the Revenues Notes. In that regard, the City Finance Director is authorized and directed to determine the date on which (a) the Council will hold a public hearing regarding issuance of the Bonds as required under Section 147(f) of the Internal Revenue Code of 1986, as amended, and (b) the Council will consider proposals for sale of the Bonds; provided that the date of such hearing and Council action may be no sooner than the date of closing for the Revenue Notes. 5. The Finance Director is further authorized and directed to cause to be published an appropriate notice of public hearing at least once, not less than fourteen (14) days, nor more than thirty (30) days, prior to the date fixed for the hearing in the official newspaper of the City (and a newspaper of general circulation in the City if the official newspaper is not a newspaper of general circulation in the City). 6. Springsted Incorporated is authorized and directed to modify the Terms of Proposal attached to the Prior Resolution to the extent necessary to accommodate the change in schedule, and to include terms for an extraordinary redemption of the Bonds in