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• <br />• <br />• <br />RESOLUTION NO. 15-44 <br />A RESOLUTION AWARDING THE SALE OF GENERAL <br />OBLIGATION BONDS, SERIES 2015A, IN THE ORIGINAL <br />AGGREGATE PRINCIPAL AMOUNT OF S3,095,000; 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 (the "City Council") of the City of Lino Lakes, Anoka <br />County, Minnesota (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 on <br />March 23, 2015, the City authorized the sale of its General Obligation Bonds, Series 2015A (the <br />"Bonds"), for the following purposes: <br />(a) to provide funds for street reconstruction and related upgrades of the existing <br />storm water management system designated as the Shenandoah Area Improvements described in <br />the City's Five -Year Street Reconstruction Plan (2015-2019) (the "Street Reconstruction"), as <br />approved by the voters of the City at a duly called special election held on November 4, 2014, <br />and in accordance with Minnesota Statutes, Chapter 475, as amended (the "Municipal Debt <br />Act"); and <br />(b) to provide funds to acquire, construct, and equip a new fire hall in the City, <br />including the construction of necessary public infrastructure (the "Project"), pursuant to <br />Minnesota Statutes, Chapter 475, as amended, and Minnesota Statutes, Sections 469.1812 <br />through 469.1815, as amended (collectively, the "Abatement Act"), as approved by a resolution <br />adopted by the City Council of the City on March 23, 2015 (the "Abatement Resolution"), by <br />providing a property tax abatement (the "Abatements") for certain property in the City (the <br />"Abatement Parcels") over a period of ten (10) years, in an amount sufficient to pay the principal <br />amount of and interest on bonds issued to finance the Project. <br />1.02. Award to the Purchaser and Interest Rates. The proposal of FTN Financial Capital <br />Markets, Memphis, Tennessee (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 $3,158,352.55 (par amount of $3,095,000.00, plus original issue premium of $89,313.10, less <br />underwriter's discount of $25,960.55), plus accrued interest to date of delivery, if any, for Bonds bearing <br />interest as follows: <br />459994v2 JAE LN140-115 <br />2 <br />