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2006-147 Council Resolution
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2006-147 Council Resolution
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9/19/2014 9:51:06 AM
Creation date
9/18/2014 9:24:40 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
09/25/2006
Council Meeting Type
Regular
Resolution #
06-147
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• purchaser, as a condition of delivery of the Bonds, will be required to deposit the Bonds <br />with DTC. <br />REGISTRAR <br />The City will name the registrar, which shall be subject to applicable SEC regulations. <br />The City will pay for the services of the registrar. <br />OPTIONAL REDEMPTION <br />The City may elect on February 1, 2016, and on any day thereafter, to prepay Bonds <br />due on or after February 1, 2017. Redemption may be in whole or in part and if in part <br />at the option of the City and in such manner as the City shall determine. If less than all <br />Bonds of a maturity are called for redemption, the City will notify DTC of the particular <br />amount of such maturity to be prepaid. DTC will determine by lot the amount of each <br />participant's interest in such maturity to be redeemed and each participant will then <br />select by lot the beneficial ownership interests in such maturity to be redeemed. <br />SECURITY AND PURPOSE <br />II The Bonds will be general obligations of the City for which the City will pledge its full <br />faith and credit and power to levy direct general ad valorem taxes. The proceeds will be <br />used to refund a portion of the February 1, 2010 maturity and the February 1, 2011 <br />through February 1, 2018 maturities of the Lino Lakes Economic Development <br />Authority's Lease Revenue Bonds, Series 1998A (City of Lino Lakes, Minnesota Lease <br />Obligation), dated August 1, 1998. <br />TYPE OF PROPOSALS <br />Proposals shall be for not less than $2,996,263 and accrued interest on the total <br />principal amount of the Bonds. Proposals shall be accompanied by a Good Faith <br />Deposit ( "Deposit ") in the form of a certified or cashier's check or a Financial Surety <br />Bond in the amount of $30,250, payable to the order of the City. If a check is used, it <br />must accompany the proposal. If a Financial Surety Bond is used, it must be from an <br />insurance company licensed to issue such a bond in the State of Minnesota, and <br />preapproved by the City. Such bond must be submitted to Springsted Incorporated <br />prior to the opening of the proposals. The Financial Surety Bond must identify each <br />underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds <br />are awarded to an underwriter using a Financial Surety Bond, then that purchaser is <br />required to submit its Deposit to Springsted Incorporated in the form of a certified or <br />cashier's check or wire transfer as instructed by Springsted Incorporated not later than <br />3:30 P.M., Central Time, on the next business day following the award. If such Deposit <br />is not received by that time, the Financial Surety Bond may be drawn by the City to <br />satisfy the Deposit requirement.The Deposit received from the purchaser, the amount of <br />which will be deducted at settlement and no interest will accrue to the purchaser, will be <br />deposited by the City. In the event the purchaser fails to comply with the accepted <br />proposal, said amount will be retained by the City. No proposal can be withdrawn or <br />
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