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1998-077 Council Resolution
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1998-077 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
05/26/1998
Council Meeting Type
Regular
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Council member Lyden introduced the following resolution and <br />move its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 98-77 <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />$4,310,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 1998A <br />WHEREAS, it is hereby determined that the following assessable public improvements (the <br />Improvements) have been made, duly ordered or contracts lets for the construction thereof, by the <br />City pursuant to the provisions of Minnesota Statutes, Chapter 429 (Act) <br />Otter Lake Road Realignment $1,372,927 <br />Lake Drive Trunk Utility, Phase 1 2,534,634 <br />Lilac Trunk Utility 402,439 <br />Subtotal 4,310,000 <br />Add: Underwriter's Discount 43,100 <br />Less: Investment Earnings (43,100) <br />Net Bond Issue $4,310,000 <br />WHEREAS, it is necessary and expedient to the sound financial management of the affairs of the <br />City to issue $4,310,000 General Obligation Improvement Bonds, Series 1998A (Bonds) pursuant <br />to the Act to provide financing for the Improvements. <br />WHEREAS, to provide financing for the Improvements, the City will issue and sell Bonds in the <br />amount of $4,266,900. To provide in part the additional interest required to market the Bonds at <br />this time, additional Bonds will be issued in the amount of $43,100. The excess of the purchase <br />price of the Bonds over the sum of $4,266,900 will be credited to the debt service fund for the <br />Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will <br />be issued, sold and delivered in accordance with the terms of the following Terms of Proposal. <br />WHEREAS, Springsted, Incorporated is authorized and directed to negotiate the Bonds in <br />accordance with the foregoing Terms of Proposal. The City Council will meet at 6:30 o'clock P.M. <br />on Monday, June 22, 1998, to consider proposals on the Bonds and take any other appropriate <br />action with respect to the Bonds. <br />NOW THEREFORE BE IT RESOLVED, that the above bonds be issued. <br />
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