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2006-117 Council Resolution
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2006-117 Council Resolution
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Last modified
9/17/2014 12:37:57 PM
Creation date
9/17/2014 11:12:31 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
07/24/2006
Council Meeting Type
Regular
Resolution #
06-117
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• <br />• <br />• <br />RESOLUTION NO. 06-117 <br />A RESOLUTION AWARDING THE SALE OF APPROXIMATELY <br />$2,460,000 GENERAL OBLIGATION TAX ABATEMENT <br />BONDS, SERIES 2006C; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota (the "City ") as follows: <br />Section 1. Sale of Bond. <br />1.01. The proposal of (the "Purchaser ") to purchase <br />$ General Obligation Tax Abatement Bond, Series 2006C (the "Bonds ") of the <br />City described in the Terms of Proposal thereof is determined to be a reasonable offer and is <br />accepted, the proposal being to purchase the Bonds at a price of $ , plus accrued interest <br />to date of delivery for Bonds bearing interest as follows: <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2011 2018 <br />2012 2019 <br />2013 2020 <br />2014 2021 <br />2015 2022 <br />2016 2023 <br />2017 <br />True interest cost: <br />1.02. The sum of $ being the amount proposed by the Purchaser in excess <br />of $ shall be credited to the Debt Service Fund hereinafter created. The <br />City Finance Director is directed to retain the good faith check of the Purchaser, pending <br />completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful <br />proposers forthwith. The Mayor and City Administrator are directed to execute a contract with the <br />Purchaser on behalf of the City. <br />1.03. The City will forthwith issue and sell the Bonds pursuant to the Acts in the total <br />principal amount of $ , originally dated as of July 15, 2006, in the denomination of <br />$5,000 or any integral multiple thereof, numbered No. R -1, bearing interest semiannually, as <br />above set forth, and maturing serially on February 1 the years and amounts as follows: <br />2 <br />
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