2006-118 Council Resolution - Laserfiche WebLink

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• • • RESOLUTION NO. 06 -118 A RESOLUTION AWARDING THE SALE OF $570,000 GENERAL OBLIGATION UTILITY REVENUE BONDS, SERIES 2006D; 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 (the "Purchaser ") to purchase $570,000 General Obligation Utility Revenue Bonds, Series 2006D (the "Bonds ") of the City described in the Terms of Proposal thereof is found and determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of $ plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2008 2013 2009 2014 2010 2015 2011 2016 2012 2017 True interest cost: 1.02. The sum of $ being the amount proposed by the Purchaser in excess of $562,020 shall be credited to the Debt Service Fund hereinafter created, as determined by the City's financial advisor. The City Finance Director is directed to deposit 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. The Mayor and 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, Section 444.075 (the "Act "), in the total principal amount of $570,000, originally dated August 15, 2006, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R- 1, upward, bearing interest as above set forth, and maturing serially on February 1 without option of prior payment in the years and amounts as follows: 293490v1 SJB LN140 -95 2