2007-096 Council Resolution - Laserfiche WebLink

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• • Council Member Reinert introduced the following resolution and moved its adoption: RESOLUTION NO. 07 -96 A RESOLUTION AWARDING THE SALE OF $4,215,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2007A; 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. Award to the Purchaser and Interest Rates. The proposal of (the "Purchaser ") to purchase $4,215,000 General Obligation Tax Increment Bonds, Series 2007A (the "Bonds ") of the City described in the Terms of Proposal thereof is found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $ plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 2009 2017 2010 2018 2011 2019 2012 2020 2013 2021 2014 2022 2015 2023 2016 2024 True interest cost: 1.02. Purchase Contract. The sum of $ being the amount proposed by the Purchaser in excess of $4,170,743 will be credited to the Debt Service Fund hereinafter created or deposited in the Project Fund under Section 4.03 hereof, as determined by the City's financial advisor. The City Finance Director is directed to deposit 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 forthwith. 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 Minnesota Statutes, Chapter 469 (the "Act "), in the total principal 312428v1 SJB LNI40 -100