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• <br />• <br />CITY OF LINO LAKES <br />RESOLUTION NO. 12 -99 <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />APPROXIMATELY $2,030,000 GENERAL OBLIGATION <br />BONDS, SERIES 2012A <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota (the "City ") as follows: <br />1. It is hereby determined that: <br />(a) at a duly called and regularly held general election on November 2, 2010, <br />the voters of the City approved the issuance and sale by the City of up to $1,840,000 <br />general obligation bonds of the City pursuant to Minnesota Statutes Chapter 475 <br />(the "Act "); <br />(b) the purpose of the bonds as approved by the voters is to provide financing <br />for the construction of traffic signals and other improvements to the intersection of Main <br />Street and Lake Drive and the intersection of Birch Street and Ware Road in the City <br />(the "Interchange Improvements "): <br />(c) the City is also authorized by Minnesota Statutes, Chapter 475 (the "Act ") <br />and section 475.67, subdivision 3, of the Act to issue and sell its general obligation bonds <br />to refund obligations and the interest thereon before the due date of the obligations, if <br />consistent with covenants made with the holders thereof, when determined by the City <br />Council to be necessary or desirable for the reduction of debt service cost to the City or <br />for the extension or adjustment of maturities in relation to the resources available for their <br />payment_ <br />(c) Section 475.67, subdivision 4 of the Act permits the sale of refunding <br />obligations during the six month period prior to the date on which the obligations -to be <br />refunded may be called for redemption; <br />(d) the outstanding bonds to be refunded (the "Refunded Bonds ") consist of <br />the $2,090,000 General Obligation Improvement and Refunding Bonds, Series 2003A, <br />dated December 1, 2003, of which $425,000 in principal amount is currently outstanding <br />and is callable on February 1, 2013. <br />(e) it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue $2,030,000 General Obligation Bonds, Series 2012A <br />(the "Bonds ") to (a) provide financing for the Interchange Improvements; and (b) effect a <br />current refunding of the Refunded Bonds, summarized as follows <br />Construction Fund (Interchange Improvements) <br />Redemption of Refunded Bonds <br />Underwriters Discount Allowance <br />$1,519,000.00 <br />425,000.00 <br />16,240.00 <br />