1992-043 Council Resolution - Laserfiche WebLink

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After due consideration of the proposals, Member Kuether then introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 92-43 A RESOLUTION AWARDING THE SALE OF $3,640,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 1992A; 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. Theproposalof Cronin & Company, Incorporated (Purchaser) to purchase $3,640,000 General Obligation Improvement Refunding Bonds, Series 1992A (Bonds) of the City described in the Terms of Proposal thereof is determined to be the highest and best proposal received and is accepted, the proposal being to purchase the Bonds at a price of $3,585,400 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1993 4.00% 2000 6.101 1994 4.50 2001 6.25 1995 5.00 2002 6.40 1996 5.25 2003 6.50 1997 5.40 2004 6.60 1998 5.70 2005 6.70 1999 5.90 2006 6.70 Net effective interest rate: 6.50227. True interest rate: 6.51771 1.02. The sum of $ -0- being the amount bid by the Purchaser in excess of $3,585,400 is credited to the Debt Service Fund hereinafter created. The City Clerk -Treasurer 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 bidders forthwith. The Mayor and City Clerk -Treasurer 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 in the total principal amount of $3,640,000, originally dated April 1, 1992, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and which mature serially on February 1 in the years and amounts as follows: S11G31693 ZF1t0-23