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'�- COUNCIL MEETING <br />October 27, 1986 <br />RESOLUTION NO. 47 - 86 <br />RESOLUTION PROVIDING FOR THE <br />ISSUANCE AND SALE OF $475,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS, SERIES 1986A <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka <br />County, Minnesota (City) as follows: <br />1. It is hereby determined: <br />(a) That the following assessable public improvements (the <br />"Improvements ") have been made, duly ordered or contracts <br />let for the construction thereof, by the City pursuant to <br />the provisions of Minnesota Statutes, Chapter 429: <br />•(b) That it is necessary and expedient to the sound financial <br />management of the affairs of the City to issue $ <br />General Obligation Improvement Bonds, Series 1986A (Bonds) <br />to provide financing for the Improvements. <br />1.1. It is further determined: <br />(a) The City is authorized by Minnesota Statutes, Section <br />475.67, Subdivision 3 (Act) to refund obligations and the <br />interest thereon before the due date of the obligations, if <br />consistent with covenants made with the holders thereof, <br />when determined by the City Council to be necessary or <br />desirable for the reduction of debt service cost to the <br />City. <br />(b) The City has issued and sold its $750,000 General Obligation <br />Improvement Bonds of 1982, dated October 1, 1982, (1982 <br />Bonds). The 1982 Bonds maturing in the years 1989 to and <br />including 1991 are subject to redemption on February 1, <br />1987, and bear interest at rates in excess of current rates <br />for municipal bonds. <br />(c) Subdivision 4 of the Act permits the sale of refunding <br />obligations during the six month period prior to the date on <br />which the obligation to be refunded shall have been called <br />for redemption. <br />(d) The Council finds that it is necessary to use the authority <br />granted by the Act to issue and sell refunding obligations <br />to refund the 1982 Bonds to reduce debt service costs. <br />(e) That it is necessary and expedient to the sound financial <br />management of the affairs of the City to issue $ <br />General Obligation Improvement Bonds, Series 1986A (Bonds) <br />to refund the 1982 Bonds. <br />