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RESOLUTION NO. 03-211 <br />A RESOLUTION AWARDING THE SALE OF $250,000 <br />TAXABLE GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 2003B <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR ISSUANCE AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota (City) as follows: <br />Section 1. Sale of Bonds. <br />1.01. The offer of Lino Lakes State Bank (Purchaser) to purchase the Bonds is found to <br />be a reasonable offer and is accepted, the offer being to purchase the Bonds at a price of <br />$250,000 for Bonds bearing interest as follows: <br />Year of Maturity Interest Rate <br />2006 3.20% <br />2007 3.75 <br />2008 4.20 <br />2009 4.60 <br />2010 4.80 <br />2011 5.10 <br />2012 5.30 <br />2013 5.45 <br />2014 5.60 <br />1.02. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />Chapter 429 (Act) to the Purchaser in the total principal amount of $250,000. The Bonds will be <br />originally dated as of December 1, 2003, in the denomination of $5,000 or integral multiple <br />thereof as requested by the Purchaser, and maturing on February , in the years and installment <br />amounts as follows: <br />SJB-240611v1 <br />LN140-84 <br />