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2006-176 Council Resolution
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2006-176 Council Resolution
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Last modified
9/19/2014 9:47:50 AM
Creation date
9/18/2014 11:12:37 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
10/23/2006
Council Meeting Type
Regular
Resolution #
06-176
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In accordance with the official Terms of Proposal the following adjustments were made: <br />Principal Amount: $1,740,000 <br />Maturities: 2008 reduced to $210,000 <br />Minimum Purchase Price: $1,730,865 <br />RESOLUTION NO. 06 -176 <br />A RESOLUTION AWARDING THE SALE OF $1,740,000 GENERAL <br />OBLIGATION WATER REVENUE REFUNDING BONDS, SERIES 2006F; <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 Bonds. <br />1.01. The proposal of Wells Fargo Brokerage Services, LLC (the "Purchaser ") to <br />purchase $1,740,000 General Obligation Water Revenue Refunding Bonds, Series 2006F <br />(the "Bonds ") of the City described in the Terms of Proposal thereof is determined to be a <br />reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of <br />$1,735,998.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows: <br />Year Interest Rate Year Interest Rate <br />2008 3.55% 2011 <br />2009 3.55 2012 <br />2010 3.60 <br />True interest cost: 3.6671% <br />3.60% <br />3.625 <br />1.02. The sum of $5,133.00 being the amount proposed by the Purchaser in excess of <br />$1,730,865 is credited to the Debt Service Fund hereinafter created, or applied to redemption of <br />the Refunded Bonds (as defined hereinafter), as determined by the City's financial advisor. The <br />City Finance Director is directed to deposit 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 <br />the Purchaser on behalf of the City. <br />1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />Chapter 475 (the "Act ") in the total principal amount of $1,740,000, originally dated November <br />1, 2006, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R -1, <br />299374v2 SJB LN140 -97 <br />2 <br />i <br />
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