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RESOLUTION NO. 02-41 <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />$2,730,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 2002A <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota (City) as follows: <br />1. It is hereby determined that: <br />(a) the following assessable public improvements (the Improvements) <br />have been made, duly ordered or contracts let for the construction thereof, by the City <br />pursuant to the provisions of Minnesota Statutes, Chapter 429 (Act) and the City's charter <br />(Charter); <br />Project Designation & Description: <br />Improvements to Lake Drive/Apollo <br />Twilight Acres Sewer <br />Total Project Cost <br />West Shadow Ponds <br />Street and Utility $2,730,000 <br />(b) it is necessary and expedient to the sound financial management of <br />the affairs of the City to issue $2,730,000 General Obligation Improvement Bonds, Series <br />2002A (Bonds) pursuant to the Act and Charter to provide financing for the <br />Improvements. <br />2. To provide financing for the Improvements, the City will issue and sell Bonds in <br />the amount of $2,699,970. To provide in part the additional interest required to market the <br />Bonds at this time, additional Bonds will be issued in the amount of $30,030. The excess of the <br />purchase price of the Bonds over the sum of $2,699,970 will be credited to the debt service fund <br />for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The <br />Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of <br />Proposal: <br />THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE <br />THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE <br />FOLLOWING BASIS: <br />DJG-214147v1 <br />LN 140-78 <br />