2004-163 Council Resolution - Laserfiche WebLink

Home Search

• • • RESOLUTION NO. 04-163 RESOLUTION AWARDING THE SALE OF $1,330,000 GENERAL OBLIGATION IMPROVEMENT AND UTILITY REVENUE BONDS, SERIES 2004A 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 (City) in regular meeting assembled as follows: Section 1. Sale of Bonds. 1.01. The proposal of Cronin & Company (Purchaser) to purchase the Bonds described in the Terms of Proposal 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 $1,323,943.10 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 2006 2.50% 2011 3.10% 2007 2.50% 2012 3.30% 2008 3.00% 2013 3.50% 2009 3.00% 2014 3.60% 2010 3.10% Term Bonds due February 1, 2016 at 4.00 %. Term Bonds due February 1, 2018 at 4.00 %. Term Bonds due February 1, 2020 at 4.125 %. True Interest cost: 3.8292% The City Finance Director is directed to retain the good faith check of the Purchaser on behalf of the City pending completion of the sale and delivery of the Bonds, and to return the checks of the unsuccessful proposers forthwith. The sum of $8,573.10 being the amount offered by the Purchaser in excess of $1,315,370 will be credited to the debt service fund created by Section 3. 1.02. The City will forthwith issue and sell the Bonds pursuant to the City Charter and Minnesota Statutes, Chapters 429, 444 and 475 (together, the Act), in the total principal amount of $1,330,000, originally dated as of November 15, 2004, the Bonds being in fully registered form and issued in the denomination of $5,000 or any integral multiple thereof, numbered No. R- 1 and upward, bearing interest as above set forth, and maturing on February 1 in the years and amounts as follows: SJB- 254637v1 LN140 -88