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RESOLUTION NO. 03-210 A RESOLUTION AWARDING THE SALE OF $2,090,000 GENERAL OBLIGATION IMPROVEMENT AND REFUNDING BONDS, SERIES 2003A FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The proposal of Cronin & Company, Incorporated (Purchaser) to purchase $2,090,000 General Obligation Improvement and Refunding Bonds, Series 2003A (Bonds) of the City described in the Terms of Proposal thereof 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 $2,093,566.05 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 2005 2.00% 2009 3.00% 2006 2.00 2010 3.25 2007 2.50 2011 3.50 2008 2.50 Term Bonds due February 1, 2013 at 3.50%. Term Bonds due February 1, 2015 at 4.00%. Term Bonds due February 1, 2017 at 4.00%. Term Bonds due February 1, 2019 at 4.25%. True interest cost: 3.3273% 1.02. The City Finance Director is directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 429 (Act) in the total principal amount of $2,090,000, originally dated December 1, 2003, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing on February 1 in the years and amounts as follows: SJB-240610v1 LN 140-84