2012-105 Council Resolution - Laserfiche WebLink

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• • • follows: RESOLUTION NO. it 5 A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION BONDS, SERIES 2012A, PROPOSED TO BE ISSUED IN AN AGGREGATE PRINCIPAL AMOUNT OF $2,015,000; 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, Minnesota (the "City "), as Section 1. Sale of Bonds. 1.01. Award to the Purchaser and Interest Rates. The proposal of United Bankers' Bank, Bloomington, Minnesota (the "Purchaser ") to purchase the Bonds of the City described in the Official Terms of Proposal thereof is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $2,002,910 (the par amount of the Bonds of $2,015,000, plus original issue premium of $0, less original issue discount of $12,090) , plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2015* 0.40% 2020 1.15% 2016 0.50 2021 1.30 2017 0.65 2022 1.40 2018 0.80 2023 1.55 2019 1.00 2024 1.65 * Term Bond True interest cost: 1.2580% 1x02. Purchase Contract. The sum of $4,030, being the amount proposed by the Purchaser in excess of $1,998,880 (the minimum bid amount specified in the Terms of Proposal), shall be credited in allocable amounts to the respective subaccounts in the Debt Service Fund hereinafter created or deposited in allocable amounts in the Refunding Fund and the Construction Fund hereinafter created, as determined by the City Finance Director in consultation with the City's financial advisor. The City Finance Director is directed to retain 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. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.03. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to the Chapter 475 (the "Act "), in the total principal amount of $2,015,000, originally dated November 15, 2012, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R -1 upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: 412159v2 SJB LN140 -108 2