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08/24/1999 Council Minutes (2)
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08/24/1999 Council Minutes (2)
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City Council
Council Document Type
Council Minutes
Meeting Date
08/24/1999
Council Meeting Type
Special
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• <br />• <br />• <br />After due consideration of the proposals, Member Dahl then introduced <br />the following written resolution, the reading of which was dispensed with by unanimous consent, <br />and moved its adoption: <br />In accordance with the official Terms of Proposal, the following adjustments were made: None <br />Principal Amount: <br />Maturities: <br />Minimum Purchase Price: <br />RESOLUTION NO. 99-61 <br />A RESOLUTION AWARDING THE SALE OF $1, 725, 000 <br />GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1999A; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />PROVIDING FOR THEIR PAYMENT; PROVIDING FOR THE <br />ESCROWING AND INVESTMENT OF THE PROCEEDS THEREOF; <br />AND PROVIDING FOR THE REDEMPTION OF <br />BONDS REFUNDED THEREBY. <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota (the "City"), as follows: <br />Section 1. Sale of Bonds. <br />1.01. The proposal of Dougherty Summit Securities Inc. (the <br />"Purchaser") to purchase $ 1,725,000 General Obligation Improvement Refunding Bonds, <br />Series 1999A (the "Bonds") of the City described in the Official Terms of Proposal therefor is <br />determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a <br />price of $ 1,715,137.80plus accrued interest to date of delivery, for Bonds bearing interest as <br />follows: <br />BMB-167650 <br />LN140-68 <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2002 4.25 % 2005 4.60% <br />2003 4.375 2006 4.70 <br />2004 4.50 <br />
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