1998-099 Council Resolution - Laserfiche WebLink

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RESOLUTION NO. 98-99 A RESOLUTION AWARDING THE SALE OF $2,000,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1998B; 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 (the "City") as follows: Section 1. Sale of Bonds. 1.01. The proposal of Piper Jaffray, Inc. (the "Purchaser") to purchase $2,000,000 General Obligation Improvement Bonds, Series 1998B (the "Bonds") of the City described in the Terms of Proposal therefor 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 $1,980,000 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 2001 4.50% 2009 4.50 % 2002 4.50 2010 4.60 2003 4.50 2011 4.70 2004 4.50 2012 4.80 2005 4.50 2013 4.85 2006 4.50 2014 4.875 2007 4.50 2015 4.90 2008 4.50 True interest cost: 4.808% 1.02. The sum of $ -0- being the amount proposed by the Purchaser in excess of $1,980,000, 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. 1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 429 (the "Act") in the total principal amount of $2,000,000, originally dated August 1, 1998, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: Year Amount Year Amount BMB145025 LN140-63