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PRELIMINARY OFFICIAL STATEMENT DATED APRIL 6, 2015
<br />o NEW ISSUE Standard & Poor's Rating: Requested
<br />F BANK QUALIFIED
<br />In the opinion of Kennedy & Graven, Chartered, Bond Counsel, based on present federal and Minnesota laws, regulations, rulings and decisions (which excludes any pending
<br />O : legislation which may have a retroactive effect) and, assuming compliance with certain covenants, interest to be paid on the Bonds is excluded from gross income for federal income
<br />otax purposes and, to the same extent, is excluded from taxable net income of individuals, estates, or trusts for Minnesota income tax purposes, and is not a preference item for
<br />[ purposes of computing the federal alternative minimum tax or the Minnesota alternative minimum tax imposed an individuals, trusts, and estates. Such interest is taken into account
<br />o in determining adjusted current earnings for the purpose of computing the federal alternative minimum tax imposed on certain corporations and is subject to Minnesota franchise
<br />O o taxes on certain corporations (including financial institutions) measured by income. No opinion will be expressed by Bond Counsel regarding the other state or federal tax
<br />Qo'r=1 consequences caused by the receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds. See "TAX EXEMPTION" herein.
<br />$3,645,000*
<br />.5
<br />: City of Lino Lakes, Minnesota
<br />E U
<br />General Obligation Bonds, Series 2015A
<br />(the "Bonds")
<br />(Book Entry Only)
<br />C9 . Dated Date: Date of Delivery Interest Due: Each February 1 and August 1,
<br />to 2 commencing February 1, 2016
<br />U.)
<br />The Bonds will mature February 1 in the years and amounts* as follows:
<br />2017 $230,000 2020 $240,000 2023 $255,000 2026 $270,000 2029 $235,000
<br />2018 $235,000 2021 $245,000 2024 $255,000 2027 $220,000 2030 $240,000
<br />o 0 2019 $235,000 2022 $250,000 2025 $265,000 2028 $225,000 2031 $245,000
<br />8 O O U
<br />w 2 Proposals for the Bonds may contain a maturity schedule providing for a combination of serial bonds and term
<br />OA
<br />. bonds. All term bonds shall be subject to mandatory sinking fund redemption at a price of par plus accrued interest
<br />`° t - to the date of redemption scheduled to conform to the maturity schedule set forth above.
<br />o�
<br />o The City may elect on February 1, 2023, and on any day thereafter, to prepay Bonds due on or after February 1,
<br />0 2024 at a price of par plus accrued interest.
<br />The Bonds are general obligations of the City for which the City pledges its full faith and credit and power to levy
<br />A ° direct general ad valorem taxes. In addition, the City will pledge abatement revenues from identified properties for
<br />g repayment of the Bonds. The proceeds will be used to finance (i) various street reconstruction projects as identified
<br />in the City's 2015-2019 Street Reconstruction Plan, and (ii) public infrastructure improvements within the City
<br />related to the construction of the new municipal fire hall.
<br />.�
<br />Proposals shall be for not less than $3,608,550 plus accrued interest, if any, on the total principal amount of the
<br />0 Bonds. Proposals shall specify rates in integral multiples of 1/100 or 1/8 of 1%. The initial price to the public for
<br />.4 8 w each maturity must be 98.0% or greater. Following receipt of proposals, a good faith deposit will be required to be
<br />5 delivered to the City by the lowest bidder as described in the "Terms of Proposal" herein. Award of the Bonds will
<br />g o be made on the basis of True Interest Cost (TIC).
<br />r/ C.1) O
<br />.� The City will designate the Bonds as "qualified tax-exempt obligations" pursuant to Section 265(b)(3) of the
<br />w w Internal Revenue Code of 1986, as amended, and the Bonds will not be subject to the alternative minimum tax for
<br />0 0 individuals.
<br />The Bonds will be issued as fully registered bonds without coupons and, when issued, will be registered in the
<br />P. a name of Cede & Co., as nominee of The Depository Trust Company ("DTC"). DTC will act as securities
<br />g a depository for the Bonds. Individual purchases may be made in book entry form only, in the principal amount of
<br />5 f, $5,000 and integral multiples thereof. Investors will not receive physical certificates representing their interest in
<br />y b the Bonds purchased. (See "Book Entry System" herein.) U.S. Bank National Association, St. Paul, Minnesota
<br />o will serve as registrar (the "Registrar") for the Bonds. The Bonds will be available for delivery at DTC on or about
<br />y
<br />8 �� May 28, 2015.
<br />U
<br />os
<br />PROPOSALS RECEIVED: April 27, 2015 (Monday) until 10:00 A.M., Central Time
<br />AWARD: April 27, 2015 (Monday) at 6:30 P.M., Central Time
<br />0
<br />Springsted
<br />Preliminary; subject to change.
<br />Further information may be obtained from SPRINGSTED Incorporated,
<br />Municipal Advisor to the City, 380 Jackson Street, Suite 300, Saint Paul,
<br />Minnesota 55101-2887 (651) 223-3000.
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