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RESOLUTION NO. 1 4 -1 2 4 <br />A RESOLUTION AWARDING THE SALE OF GENERAL <br />OBLIGATION BONDS, SERIES 2014A, IN THE ORIGINAL <br />AGGREGATE PRINCIPAL AMOUNT OF $2,645,000; FIXING <br />THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR <br />EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR <br />PAYMENT <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota <br />(the "City"), as follows: <br />Section 1. Sale of Bonds. <br />1.01. Authorization for Sale of Bonds. Pursuant to a resolution adopted by the City Council of <br />the City on September 22, 2014, the City authorized the sale of its General Obligation Bonds, <br />Series 2014A (the "Bonds"), for the following purposes: <br />(a) to finance the construction of certain assessable public improvements, including <br />the extension of sanitary sewer, water, storm sewer facilities and ponds, street, trail and signal <br />improvements known as the 21" Avenue Improvements and the bituminous paving, sanitary <br />sewer, water main, street, storm sewer, and sidewalk improvements known as the North Pointe <br />Improvements (collectively, the "Assessable Improvements"), pursuant to Section 8.07 of the <br />charter of the City (the "City Charter") and Minnesota Statutes, Chapters 429 and 475, as <br />amended (collectively, the "Improvement Act"); and <br />(b) to finance the construction of various improvements to the City's water system, <br />including the construction of a new well and well house (the "Utility Improvements"), pursuant to <br />Section 8.07 of the City Charter and Minnesota Statutes, Chapters 444 and 475, as amended <br />(collectively, the "Utility Revenue Act"). <br />1.02. Award to the Purchaser and Interest Rates. The proposal of United Bankers' Bank, <br />Bloomington, Minnesota (the "Purchaser"), to purchase the Bonds of the City is hereby found and <br />determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a <br />price of $2,632,436.25 (par amount of $2,645,000.00, less underwriter's discount of $12,563.75), plus <br />accrued interest to date of delivery, if any, for Bonds bearing interest as follows: <br />Year Interest Rate Year Interest Rate <br />2016 0.400% 2021 1.550% <br />2017 0.600 2022 1.750 <br />2018 0.800 2023 1.950 <br />2019 1.050 2024 2.150 <br />2020 1.250 2026* 2.300 <br />* Term Bond <br />True interest cost: 1.6265284% <br />451619v2 JAE LN140-113 <br />2 <br />