1996-101 Council Resolution-Series 1996A

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After due consideration of the proposals, Member Bergeson then introduced the following written resolution, the reading of which was dispensed with by unanimous consent, and moved its adoption: RESOLUTION NO. 96 - 101 A RESOLUTION AWARDING THE SALE OF $4,685,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1996A; 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 FBS Investment Services, Inc. (Purchaser) to purchase $4,685,000 General Obligation Improvement Bonds, Series 1996A (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 $ 4,637,681.50 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1998 4.20% 2003 4.80% 1999 4.40% 2004 4.90% 2000 4.50% 2005 5.00% 2001 4.60% 2006 5.10% 2002 4.70% 2007 5.20% True interest cost: 5.04783% 1.02. The sum of $ 8,901.50 being the amount proposed by the Purchaser in excess of $4,628,780 will be credited to the Debt Service Fund hereinafter created. The City Clerk - Treasurer is directed to deposit 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 Clerk -Treasurer are directed to execute a contract with the Purchaser on behalf of the City. DJK108714 LN140-S2