2013-078 Council Resolution - Laserfiche WebLink

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• • RESOLUTION NO. 13 -78 A RESOLUTION AWARDING THE SALE OF TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2013A, IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $615,000; 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, Anoka County, Minnesota (the "City ") as follows: Section 1. Sale of Bonds. 1.01. Authorization. Pursuant to a resolution adopted by the City Council of the City on May 28, 2013, the City provided preliminary approval to issue and sell its Taxable General Obligation Improvement Bonds, Series 2013A (the "Bonds "), pursuant to the home rule charter of the City (the "City Charter ") and Minnesota Statutes, Chapters 429 and 475, as amended (the "Act "), in order to finance the certain assessable public improvements designated as the Otter Lake Road Extension (the "Improvements "). 1.02. Award to the Purchaser and Interest Rates. The proposal of Northland Securities, Inc., Minneapolis, Minnesota (the "Purchaser ") to purchase 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 $608,951.55 (par amount of $615,000.00, plus original issue premium of $6,558.30, less underwriter's discount of $12,606.75), plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year Interest Rate Year Interest Rate 2016* 1.250% 2022* 4.000% 2018* 2.200 2024* 4.000 2020* 3.000 * Term Bonds 1.03. Purchase Contract. The sum of $1,331.55, being the amount proposed by the Purchaser in excess of $607,620.00, shall be credited to the Debt Service Fund hereinafter created. The Finance Director is directed to deposit the good faith check or deposit of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith deposits of the unsuccessful proposers. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to the City Charter and the Act in the total principal amount of $615,000, originally dated as of July 15, 2013, 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: 426203v2 SJB LN140 -110 2