2006-175 Council Resolution - Laserfiche WebLink

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In accordance with the official Terms of Proposal the following adjustments were made: Principal Amount: $2,990,000 Maturities: 2010 $80,000; 2011 $305,000; 2012 $320,000; 2013 $355,000; 2014 $360,000; 2015 $360,000; 2016 $380,000; 2017 and 2018 did not change Minimum Purchase Price: $2,961,595 RESOLUTION NO. 06 -175 A RESOLUTION AWARDING THE SALE OF $2,990,000 GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN REFUNDING BONDS, SERIES 2006E; 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 Citigroup Global Markets Inc. (the "Purchaser ") to purchase $2,990,000 General Obligation Capital Improvement Plan Refunding Bonds, Series 2006E (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 $2,990,450.50 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2010 4.00% 2015 4.00% 2011 4.00 2016 4.00 2012 4.00 2017 4.00 2013 4.00 2018 4.00 2014 4.00 True interest cost: 3.9984% 1.02. The sum of $28,855.50 being the amount proposed by the Purchaser in excess of $2,961,595 is credited to the Debt Service Fund hereinafter created, or credited to the Escrow Account 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 forthwith. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 2 i