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RESOLUTION NO. ) <o( <br />A RESOLUTION AWARDING THE SALE OF $2,110,000 <br />TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2002B <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION 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. 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 the City's charter and Minnesota Statutes, Chapters 429 and <br />475 (collectively, the Act); <br />Project Designation & Description: Total Project Cost <br />Total Project Costs $2,198,588 <br />Less: Additional Funds (202,339) <br />Plus: Capitalized Interest 65,541 <br />Costs of Issuance 25,000 <br />Allowance for Discount Bidding 23,210 <br />Total Series 2002B Bond Issue $2,110,000 <br />(b) it is necessary and expedient to the sound financial management of <br />the affairs of the City to issue $2,110,000 Taxable General Obligation Improvement <br />Bonds, Series 2002B (Bonds) pursuant to the Act to provide financing for the <br />Improvements. <br />1.02. The proposal of Bernardi Securities Incorporated (Purchaser) to purchase <br />$2,110,000 Taxable General Obligation Improvement Bonds, Series 2002B (Bonds) of the City <br />described in the Terms of Proposal thereof is hereby found and determined to be a reasonable <br />offer and is hereby accepted, the proposal being to purchase the Bonds at a price of <br />$2,086,864.95 plus accrued interest to date of delivery, for Bonds bearing interest as follows: <br />DJG-215891v1 <br />LN 140-78 <br />