04-27-2015 Council Packet - Laserfiche WebLink

Home Search

OFFICIAL STATEMENT $3,645,000* CITY OF LINO LAKES, MINNESOTA GENERAL OBLIGATION BONDS, SERIES 2015A (BOOK ENTRY ONLY) INTRODUCTORY STATEMENT This Official Statement contains certain information relating to the City of Lino Lakes, Minnesota (the "City") and its issuance of $3,645,000* General Obligation Bonds, Series 2015A (the "Bonds"). The Bonds are general obligations of the City for which it pledges its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City will pledge abatement revenues from identified properties for repayment of the Bonds. Inquiries may be directed to Mr. Alan Rolek, Director of Finance, City of Lino Lakes, 600 Town Parkway, Lino Lakes, Minnesota 55014, by telephoning (651) 982-2410, or by e -mailing alan.rolek@ci.lino-lakes.mn.us. Inquiries may also be made to Springsted Incorporated, 380 Jackson Street, Suite 300, St. Paul, Minnesota 55101-2887, by telephoning (651) 223-3000, or by e -mailing bond services@springsted.com. CONTINUING DISCLOSURE In order to assist the Underwriters in complying with SEC Rule 15c2-12 promulgated by the Securities and Exchange Commission, pursuant to the Securities Exchange Act of 1934, as the same may be amended from time to time, and official interpretations thereof (the "Rule"), pursuant to the resolution awarding the sale of the Bonds (the "Resolution"), the City has entered into an undertaking (the "Undertaking") for the benefit of holders including beneficial owners of the Bonds to provide certain financial information and operating data relating to the City to the Electronic Municipal Market Access system ("EMMA") annually, and to provide notices of the occurrence of certain events enumerated in the Rule to EMMA or the Municipal Securities Rulemaking Board (the "MSRB"). The specific nature of the Undertaking, as well as the information to be contained in the annual report or the notices of material events, is set forth in the Undertaking to be executed and delivered at the time the Bonds are delivered in substantially the form attached hereto as Appendix II. To the best of its knowledge, the City has complied for the past five years in all material respects in accordance with the terms of its previous continuing disclosure undertakings entered into pursuant to the Rule. However, in the interest of full disclosure, the City notes the following: Within the past five years, Moody's Investors Service has changed the credit ratings of certain municipal bond insurance firms, which resulted in the change of the insured ratings of certain debt issues of the City. Material event notices regarding certain insurance rating changes have not been filed; however, the information was publicly available through other sources. The insured ratings are currently at a level below that of the underlying ratings of the City. A failure by the City to comply with the Undertaking will not constitute an event of default on the Bonds or under any provisions of the Resolution (although holders will have any other available remedy at law or in equity subject to certain limitations). Nevertheless, such a failure must be reported in accordance with the Rule and must be considered by any broker, dealer or municipal securities dealer before recommending the purchase or sale of the Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of the Bonds and their market price. * Preliminary; subject to change. -1-