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1998-078 Council Resolution
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1998-078 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. 98-78 <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF <br />$2,000,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 1998B <br />WHEREAS, the following assessable public improvements (the Improvements) have been made, <br />duly ordered or contracts let for the construction thereof, by the City pursuant to the provisions of <br />Minnesota Statutes, Chapter429 (Act) <br />Lakes Addition $1,981,361 <br />Add: Underwriter's Discount 20,000 <br />Less: Investment Earnings (1,361) <br />Net Bond Issue $2,000,000 <br />WHEREAS, it is necessary and expedient to the sound financial management of the affairs of the <br />City to issue $2,000,000 General Obligation Improvement Bonds, Series 1998B (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 $1,980,000. 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 $20,000. The excess of the purchase <br />price of the Bonds over the sum of $1,980,000 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 />Adopted by the City Council of Lino Lakes this 26th <br />Marilyn G. Anderson, Clerk Treasurer <br />May, 1998. <br />Ki 'serl A. $ Iliv-n - Mayor <br />
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