04-27-2015 Council Packet - Laserfiche WebLink

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RESOLUTION NO. 15-44 A RESOLUTION AWARDING THE SALE OF GENERAL OBLIGATION BONDS, SERIES 2015A, IN THE ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF $3,645,000; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED by the City Council (the "City Council") of the City of Lino Lakes, Anoka County, Minnesota (the "City"), as follows: Section 1. Sale of Bonds. 1.01. Authorization for Sale of Bonds. Pursuant to a resolution adopted by the City Council on March 23, 2015, the City authorized the sale of its General Obligation Bonds, Series 2015A (the "Bonds"), for the following purposes: (a) to provide funds for street reconstruction and related upgrades of the existing storm water management system designated as the Shenandoah Area Improvements described in the City's Five -Year Street Reconstruction Plan (2015-2019) (the "Street Reconstruction"), as approved by the voters of the City at a duly called special election held on November 4, 2014, and in accordance with Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt Act"); and (b) to provide funds to acquire, construct, and equip a new fire hall in the City, including the construction of necessary public infrastructure (the "Project"), pursuant to Minnesota Statutes, Chapter 475, as amended, and Minnesota Statutes, Sections 469.1812 through 469.1815, as amended (collectively, the "Abatement Act"), as approved by a resolution adopted by the City Council of the City on March 23, 2015 (the "Abatement Resolution"), by providing a property tax abatement (the "Abatements") for certain property in the City (the "Abatement Parcels") over a period of ten (10) years, in an amount sufficient to pay the principal amount of and interest on bonds issued to finance the Project. 1.02. Award to the Purchaser and Interest Rates. The proposal of (the "Purchaser") to purchase the Bonds of the City 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 $ (par amount of $3,645,000, [plus original issue premium of $ ,] [less original issue discount of $ ,] less underwriter's discount of $ ), plus accrued interest to date of delivery, if any, for Bonds bearing interest as follows: 459994v1 JAE LN140-115 2