HomeMy WebLinkAbout2016-146 Council ResolutionExtract of Minutes of Meeting
of the City Council of the City of
Lino Lakes, Anoka County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Lino
Lakes, Minnesota, was duly held in the City Hall in said City on Monday, October 24, 2016, commencing
at 6:30 P.M.
The following members were present:
Kusterman, Rafferty, Maher, Manthey, Reinert
and the following were absent:
none
* * *
The Mayor announced that the next order of business was consideration of the proposals which
had been received for the purchase of the City's Taxable General Obligation Improvement Refunding
Bonds, Series 2016B, to be issued in the original aggregate principal amount of $1,980,000.
The City Administrator presented a tabulation of the proposals that had been received in the
manner specified in the Terms of Proposal for the Bonds. The proposals are as set forth in EXHIBIT A
attached.
After due consideration of the proposals, Member Maher then introduced the following
written resolution, the reading of which was dispensed with by unanimous consent, and moved its
adoption:
486981v1 JAE LN140-117
RESOLUTION NO. 16-146
A RESOLUTION AWARDING THE SALE OF TAXABLE
GENERAL OBLIGATION IMPROVEMENT REFUNDING
BONDS, SERIES 2016B, IN THE ORIGINAL AGGREGATE
PRINCIPAL AMOUNT OF $1,980,000; FIXING THEIR FORM
AND SPECIFICATIONS; DIRECTING THEIR EXECUTION
AND DELIVERY; PROVIDING FOR THEIR PAYMENT; AND
PROVIDING FOR THE REDEMPTION OF BONDS REFUNDED
THEREBY
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. Authorization for Sale of Bonds. Pursuant to a resolution adopted by the City Council of
the City on September 26, 2016, the City authorized the sale of its Taxable General Obligation
Improvement Refunding Bonds, Series 2016B (the "Bonds"), to refund the City's Taxable General
Obligation Improvement Bonds, Series 2005A (the "Prior Bonds"), dated November 1, 2005, and issued
in the original aggregate principal amount of $5,550,000, which are currently outstanding in the principal
amount of $2,360,000 and subject to optional redemption on or after February 1, 2016. The Prior Bonds
were issued pursuant to Minnesota Statutes, Chapters 429 and 475, as amended, and Section 8.07,
subdivision 3 of the City Charter (collectively, the "Act"). Proceeds of the Prior Bonds were used to
finance the construction of various assessable improvements, including the Legacy at Wood's Edge
Improvements, Streets and Utilities, Phases I and II, Streetscape Community Green, and lighting projects
in the City (collectively, the "Prior Improvements").
1.02. Award to the Purchaser and Interest Rates. The proposal of (the
"Purchaser") to purchase the Bonds of the City 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 $ (par amount
of $1,980,000, [plus original issue premium of $ ,] [less original issue discount of
$ ,] less underwriter's discount of $ ), plus accrued interest to date of delivery, if any,
for Bonds bearing interest as follows:
Year Interest Rate Year Interest Rate
2018 % 2020
2019 2021
True interest cost:
1.03. Purchase Contract. The sum of $ , being the amount proposed by the Purchaser
in excess of $1,966,140, shall be credited to the Debt Service Fund hereinafter created or deposited in the
Redemption Fund hereinafter created, as determined by the Finance Director of the City in consultation
with the City's municipal advisor. The Finance Director is directed to deposit the good faith check or
deposit of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith
deposits of the unsuccessful proposers. The Mayor and City Administrator are directed to execute a
contract with the Purchaser on behalf of the City.
486981v1 JAE LN 140- 117
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1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the
Bonds pursuant to the Act, specifically Section 475.67, subdivision 3, in the total principal amount of
$1,980,000, originally dated November 23, 2016, 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
2018 $ 2020 $
2019 2021
1.05. Optional Redemption. The Bonds are not subject to redemption prior to maturity.
[1.06. Mandatory Redemption; Term Bond. To be completed if Term Bonds are requested by the
Purchaser.]
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds will be issued only in fully registered form. The interest
thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft
issued by the Registrar described herein.
2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment
date preceding the date of authentication to which interest on the Bond has been paid or made available
for payment, unless (i) the date of authentication is an interest payment date to which interest has been
paid or made available for payment, in which case the Bond will be dated as of the date of
authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case
the Bond will be dated as of the date of original issue. The interest on the Bonds is payable on
February 1 and August 1 of each year, commencing August 1, 2017, to the registered owners of record
thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or
not that day is a business day.
2.03. Registration. The City will appoint a bond registrar, transfer agent, authenticating agent
and paying agent (the "Registrar"). The effect of registration and the rights and duties of the City and the
Registrar with respect thereto are as follows:
(a) Register. The Registrar must keep at its principal corporate trust office a bond
register in which the Registrar provides for the registration of ownership of Bonds and the
registration of transfers and exchanges of Bonds entitled to be registered, transferred or
exchanged.
(b) Transfer of Bonds. Upon surrender for transfer of a Bond duly endorsed by the
registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory
to the Registrar, duly executed by the registered owner thereof or by an attorney duly authorized
by the registered owner in writing, the Registrar will authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Bonds of a like aggregate principal amount
and maturity, as requested by the transferor. The Registrar may, however, close the books for
registration of any transfer after the fifteenth day of the month preceding each interest payment
date and until that interest payment date.
486981v1 JAE LN140-117
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(c) Exchange of Bonds. When Bonds are surrendered by the registered owner for
exchange the Registrar will authenticate and deliver one or more new Bonds of a like aggregate
principal amount and maturity as requested by the registered owner or the owner's attorney in
writing.
(d) Cancellation. Bonds surrendered upon transfer or exchange will be promptly
cancelled by the Registrar and thereafter disposed of as directed by the City.
(e) Improper or Unauthorized Transfer. When a Bond is presented to the Registrar
for transfer, the Registrar may refuse to transfer the Bond until the Registrar is satisfied that the
endorsement on the Bond or separate instrument of transfer is valid and genuine and that the
requested transfer is legally authorized. The Registrar will incur no liability for the refusal, in
good faith, to make transfers which it, in its judgment, deems improper or unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the person in
whose name a Bond is registered in the bond register as the absolute owner of the Bond, whether
the Bond is overdue or not, for the purpose of receiving payment of, or on account of, the
principal of and interest on the Bond and for all other purposes and payments so made to
registered owner or upon the owner's order will be valid and effectual to satisfy and discharge the
liability upon the Bond to the extent of the sum or sums so paid.
(g) Taxes, Fees and Charges. The Registrar may impose a charge upon the owner
thereof for a transfer or exchange of Bonds, sufficient to reimburse the Registrar for any tax, fee
or other governmental charge required to be paid with respect to the transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes mutilated or is
destroyed, stolen or lost, the Registrar will deliver any new Bond of like amount, number,
maturity date and tenor in exchange and substitution for and upon cancellation of the mutilated
Bond or in lieu of and in substitution for a Bond destroyed, stolen or lost, upon the payment of
the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a
Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that the
Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the
Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it
and as provided by law, in which both the City and the Registrar must be named as obligees.
Bonds so surrendered to the Registrar will be cancelled by the Registrar and evidence of such
cancellation must be given to the City. If the mutilated, destroyed, stolen or lost Bond has
already matured or been called for redemption in accordance with its terms it is not necessary to
issue a new Bond prior to payment.
2.04. Appointment of Initial Registrar. The City appoints U.S. Bank National Association,
2.04. Appointment of Initial Registrar. The City appoints U.S. Bank National Association,
Saint Paul, Minnesota, as the initial Registrar. The Mayor and the City Administrator are authorized to
execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger or consolidation of
the Registrar with another corporation, if the resulting corporation is a bank or trust company authorized
by law to conduct such business, the resulting corporation is authorized to act as successor Registrar. The
City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The
City reserves the right to remove the Registrar upon thirty (30) days' notice and upon the appointment of
a successor Registrar, in which event the predecessor Registrar must deliver all cash and Bonds in its
possession to the successor Registrar and must deliver the bond register to the successor Registrar. On or
before each principal or interest due date, without further order of this Council, the City Administrator
must transmit to the Registrar monies sufficient for the payment of all principal and interest then due.
486981v1 JAE LN140-1 17
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2.05. Execution, Authentication and Delivery. The Bonds will be prepared under the direction
of the Finance Director and executed on behalf of the City by the signatures of the Mayor and the City
Administrator, provided that those signatures may be printed, engraved or lithographed facsimiles of the
originals. If an officer whose signature or a facsimile of whose signature appears on the Bonds ceases to
be such officer before the delivery of a Bond, that signature or facsimile will nevertheless be valid and
sufficient for all purposes, the same as if the officer had remained in office until delivery.
Notwithstanding such execution, a Bond will not be valid or obligatory for any purpose or entitled to any
security or benefit under this resolution unless and until a certificate of authentication on the Bond has
been duly executed by the manual signature of an authorized representative of the Registrar. Certificates
of authentication on different Bonds need not be signed by the same representative. The executed
certificate of authentication on a Bond is conclusive evidence that it has been authenticated and delivered
under this resolution. When the Bonds have been so prepared, executed and authenticated, the City
Administrator will deliver the same to the Purchaser upon payment of the purchase price in accordance
with the contract of sale heretofore made and executed, and the Purchaser is not obligated to see to the
application of the purchase price.
2.06. Temporary Bonds. The City may elect to deliver in lieu of printed definitive Bonds one
or more typewritten temporary Bonds in substantially the form set forth in EXHIBIT B attached hereto,
with such changes as may be necessary to reflect more than one maturity in a single temporary bond.
Upon the execution and delivery of definitive Bonds the temporary Bonds will be exchanged therefor and
cancelled.
Section 3. Form of Bond.
3.01. Execution of the Bonds. The Bonds will be printed or typewritten in substantially the
form as attached hereto as EXHIBIT B.
3.02. Approving Legal Opinion. The City Administrator is directed to obtain a copy of the
proposed approving legal opinion of Kennedy & Graven, Chartered, Minneapolis, Minnesota, which is to
be complete except as to dating thereof and to cause the opinion to be printed on or accompany each
Bond.
Section 4. Payment; Security; Pledges and Covenants.
4.01. Debt Service Fund. The Bonds are payable from the Taxable General Obligation
Improvement Refunding Bonds, Series 2016B Debt Service Fund (the "Debt Service Fund") hereby
created. The Debt Service Fund shall be administered by the Finance Director as a bookkeeping account
separate and apart from all other funds maintained in the official financial records of the City. Following
the redemption of the Prior Bonds on February 1, 2017 (the "Redemption Date"), proceeds of the special
assessments levied for payment of the Prior Improvements (the "Assessments") pursuant to the resolution
authorizing the issuance and sale of the Prior Bonds (the "Prior Resolution") are hereby pledged to the
Debt Service Fund. There is appropriated to the Debt Service Fund amounts over the minimum purchase
price of the Bonds paid by the Purchaser, to the extent designated for deposit in the Debt Service Fund in
accordance with Section 1.03 hereof.
4.02. Redemption Fund. The City hereby creates the Taxable General Obligation Improvement
Refunding Bonds, Series 2016B Redemption Fund (the "Redemption Fund"). Proceeds of the Bonds, less
the appropriations made in Section 4.01 hereof, will be deposited in the Redemption Fund to be used solely to
redeem and prepay on the Redemption Date the outstanding principal amount of the Bonds.
486981v1 JAE LN140-117
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4.03. General Obligation Pledge. For the prompt and full payment of the principal of and interest
on the Bonds, as the same respectively become due, the full faith, credit and taxing powers of the City will be
and are hereby irrevocably pledged. If the balance in the Debt Service Fund is ever insufficient to pay all
principal and interest then due on the Bonds and any other bonds payable therefrom, the deficiency will be
promptly paid out of monies in the general fund of the City which are available for such purpose, and such
general fund may be reimbursed with or without interest from the Debt Service Fund when a sufficient
balance is available therein.
4.04. Debt Service Coverage. It is hereby determined that the estimated collection of
Assessments for the payment of principal and interest on the Bonds will produce at least five percent
(5%) in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds
and that no tax levy is needed at this time.
4.05. Prior Debt Service Fund. Following the redemption of the Prior Bonds on the
Redemption Date, the debt service fund heretofore established for the Prior Bonds pursuant to the Prior
Resolution shall be terminated and all remaining funds therein shall be transferred to the Debt Service Fund
herein created.
4.06. Prior Resolution Pledges. The pledges and covenants of the City made by the Prior
Resolution relating to the Assessments levied for the Prior Improvements are restated and confirmed in all
respects. The provisions of the Prior Resolution are hereby supplemented to the extent necessary to give
full effect to the provisions hereof.
4.07. Filing of Resolution. The City Administrator is authorized and directed to file a certified
copy of this resolution with the Manager of Property Records and Taxation of Anoka County, Minnesota and
to obtain the certificate required by Section 475.63 of the Act.
Section 5. Refunding; Findings; Redemption of Prior Bonds.
5.01. Purpose of Refunding. The Prior Bonds maturing after the Redemption Date will be
called for redemption on the Redemption Date in the principal amount of $1,935,000. It is hereby found
and determined that based upon information presently available from the City's municipal advisor, the
issuance of the Bonds, a portion of which will be used to refund the Prior Bonds, is consistent with
covenants made with the holders of the Prior Bonds.
5.02. Application of Proceeds of Bonds. It is hereby found and determined that the proceeds of
the Bonds deposited in the Redemption Fund, along with any other funds on hand in the debt service fund
established pursuant to the Prior Resolution, will be sufficient to prepay all of the principal of, interest on
and redemption premium (if any) on the Prior Bonds.
5.03. Redemption; Date of Redemption; Notice of Call for Redemption. The Prior Bonds
maturing after the Redemption Date will be redeemed and prepaid on the Redemption Date. The Prior
Bonds will be redeemed and prepaid in accordance with their terms and in accordance with the terms and
conditions set forth in the form of Notice of Call for Redemption attached hereto as EXHIBIT C, which
terms and conditions are hereby approved and incorporated herein by reference. The registrar for the
Prior Bonds is authorized and directed to send a copy of the Notice of Call for Redemption to each
registered holder of the Prior Bonds at least thirty (30) days prior to the Redemption Date.
486981v1 JAE LN140-117
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Section 6. Authentication of Transcript.
6.01. City Proceedings and Records. The officers of the City are authorized and directed to
prepare and furnish to the Purchaser and to the attorneys approving the Bonds, certified copies of
proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the
City, and such other certificates, affidavits and transcripts as may be required to show the facts within
their knowledge or as shown by the books and records in their custody and under their control, relating to
the validity and marketability of the Bonds, and such instruments, including any heretofore furnished,
may be deemed representations of the City as to the facts stated therein.
6.02. Certification as to Official Statement. The Mayor, the City Administrator, and the Finance
Director are authorized and directed to certify that they have examined the Official Statement prepared
and circulated in connection with the issuance and sale of the Bonds and that to the best of their
knowledge and belief the Official Statement is a complete and accurate representation of the facts and
representations made therein as of the date of the Official Statement.
6.03. Other Certificates. The Mayor, the City Administrator, and the Finance Director are
hereby authorized and directed to furnish to the Purchaser at the closing such certificates as are required
as a condition of sale. Unless litigation shall have been commenced and be pending questioning the
Bonds or the organization of the City or incumbency of its officers, at the closing the Mayor, the City
Administrator, and the Finance Director shall also execute and deliver to the Purchaser a suitable
certificate as to absence of material litigation, and the Finance Director shall also execute and deliver a
certificate as to payment for and delivery of the Bonds.
Section 7. Book -Entry System; Limited Obligation of City.
7.01. The Depository Trust Company. The Bonds will be initially issued in the form of a
separate single typewritten or printed fully registered Bond for each of the maturities set forth in
Section 1.04 hereof. Upon initial issuance, the ownership of each Bond will be registered in the
registration books kept by the Registrar in the name of Cede & Co., as nominee for The Depository Trust
Company, New York, New York, and its successors and assigns ("DTC"). Except as provided in this
section, all of the outstanding Bonds will be registered in the registration books kept by the Registrar in
the name of Cede & Co., as nominee of DTC.
7.02. Participants. With respect to Bonds registered in the registration books kept by the
Registrar in the name of Cede & Co., as nominee of DTC, the City, the Registrar and the Paying Agent
will have no responsibility or obligation to any broker dealers, banks and other financial institutions from
time to time for which DTC holds Bonds as securities depository (the "Participants") or to any other
person on behalf of which a Participant holds an interest in the Bonds, including but not limited to any
responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede & Co. or any
Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any Participant or any
other person (other than a registered owner of Bonds, as shown by the registration books kept by the
Registrar) of any notice with respect to the Bonds, including any notice of redemption, or (iii) the
payment to any Participant or any other person, other than a registered owner of Bonds, of any amount
with respect to principal of, premium, if any, or interest on the Bonds. The City, the Registrar and the
Paying Agent may treat and consider the person in whose name each Bond is registered in the registration
books kept by the Registrar as the holder and absolute owner of such Bond for the purpose of payment of
principal, premium and interest with respect to such Bond, for the purpose of registering transfers with
respect to such Bonds, and for all other purposes. The Paying Agent will pay all principal of, premium, if
any, and interest on the Bonds only to or on the order of the respective registered owners, as shown in the
registration books kept by the Registrar, and all such payments will be valid and effectual to fully satisfy
486981v1 JAE LN140-117
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and discharge the City's obligations with respect to payment of principal of, premium, if any, or interest
on the Bonds to the extent of the sum or sums so paid. No person other than a registered owner of Bonds,
as shown in the registration books kept by the Registrar, will receive a certificated Bond evidencing the
obligation of this resolution. Upon delivery by DTC to the City Administrator of a written notice to the
effect that DTC has determined to substitute a new nominee in place of Cede & Co., the words "Cede &
Co." will refer to such new nominee of DTC; and upon receipt of such a notice, the City Administrator
will promptly deliver a copy of the same to the Registrar and Paying Agent.
7.03. Representation Letter. The City has heretofore executed and delivered to DTC a Blanket
Issuer Letter of Representations (the "Representation Letter") which shall govern payment of principal of,
premium, if any, and interest on the Bonds and notices with respect to the Bonds. Any Paying Agent or
Registrar subsequently appointed by the City with respect to the Bonds will agree to take all action
necessary for all representations of the City in the Representation Letter with respect to the Registrar and
Paying Agent, respectively, to be complied with at all times.
7.04. Transfers Outside Book -Entry System. In the event the City, by resolution of the City
Council, determines that it is in the best interests of the persons having beneficial interests in the Bonds
that they be able to obtain Bond certificates, the City will notify DTC, whereupon DTC will notify the
Participants, of the availability through DTC of Bond certificates. In such event the City will issue,
transfer and exchange Bond certificates as requested by DTC and any other registered owners in
accordance with the provisions of this resolution. DTC may determine to discontinue providing its
services with respect to the Bonds at any time by giving notice to the City and discharging its
responsibilities with respect thereto under applicable law. In such event, if no successor securities
depository is appointed, the City will issue and the Registrar will authenticate Bond certificates in
accordance with this resolution and the provisions hereof will apply to the transfer, exchange and method
of payment thereof.
7.05. Payments to Cede & Co. Notwithstanding any other provision of this resolution to the
contrary, so long as a Bond is registered in the name of Cede & Co., as nominee of DTC, payments with
respect to principal of, premium, if any, and interest on the Bond and notices with respect to the Bond will
be made and given, respectively in the manner provided in DTC's Operational Arrangements, as set forth
in the Representation Letter.
Section 8. Continuing Disclosure.
8.01. Execution of Continuing Disclosure Certificate. "Continuing Disclosure Certificate"
means that certain Continuing Disclosure Certificate executed by the Mayor and City Administrator and
dated the date of issuance and delivery of the Bonds, as originally executed and as it may be amended
from time to time in accordance with the terms thereof.
8.02. City Compliance with Provisions of Continuing Disclosure Certificate. The City hereby
covenants and agrees that it will comply with and carry out all of the provisions of the Continuing
Disclosure Certificate. Notwithstanding any other provision of this resolution, failure of the City to
comply with the Continuing Disclosure Certificate is not to be considered an event of default with respect
to the Bonds; however, any Bondholder may take such actions as may be necessary and appropriate,
including seeking mandate or specific performance by court order, to cause the City to comply with its
obligations under this section.
Section 9. Defeasance. When all Bonds and all interest thereon have been discharged as
provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the
Bonds will cease, except that the pledge of the full faith and credit of the City for the prompt and full
486981v1 JAE LN140-117
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payment of the principal of and interest on the Bonds will remain in full force and effect. The City may
discharge all Bonds which are due on any date by depositing with the Registrar on or before that date a sum
sufficient for the payment thereof in full. If any Bond should not be paid when due, it may nevertheless be
discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest
accrued to the date of such deposit.
486981v1 JAE LN140-117
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The motion for the adoption of the foregoing resolution was introduced by Council
Member Maher and was duly seconded by Council Member Manthey and
upon vote being taken thereon, the following voted in favor thereof:
Maher, Manthey, Rafferty, Reinert
The following voted against same:
none (Abstain - Kusterman)
ATTEST:
Ju ianne Bartell, City Cler
486981v1 JAE LN140-117
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EXHIBIT A
`-- PROPOSALS
\--
\--
486981v1 JAE LN 140-117
A-1
EXHIBIT B
FORM OF BOND
No. R- $
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
TAXABLE GENERAL OBLIGATION IMPROVEMENT REFUNDING BOND
SERIES 2016B
Date of
Rate Maturity Original Issue
February 1, 20 November 23, 2016
Registered Owner: CEDE & CO.
CUSIP
The City of Lino Lakes, Minnesota, a duly organized and existing municipal corporation in
Anoka County, Minnesota (the "City"), acknowledges itself to be indebted and for value received hereby
promises to pay to the Registered Owner specified above or registered assigns, the principal sum of
$ on the maturity date specified above, with interest thereon from the date hereof at the
annual rate specified above, payable February 1 and August 1 in each year, commencing August 1, 2017,
to the person in whose name this Bond is registered at the close of business on the fifteenth day (whether
or not a business day) of the immediately preceding month. The interest hereon and, upon presentation
and surrender hereof, the principal hereof are payable in lawful money of the United States of America by
check or draft by U.S. Bank National Association, Saint Paul, Minnesota, as Bond Registrar, Paying
Agent, Transfer Agent and Authenticating Agent, or its designated successor under the Resolution
described herein. For the prompt and full payment of such principal and interest as the same respectively
become due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably
pledged.
The Bonds are not subject to optional redemption prior to maturity.
This Bond is one of an issue in the aggregate principal amount of $1,980,000 all of like original
issue date and tenor, except as to number, maturity date, interest rate, and redemption privilege, all issued
pursuant to a resolution adopted by the City Council on October 24, 2016 (the "Resolution"), for the
purpose of refunding certain outstanding obligations of the City, pursuant to and in full conformity with
the home rule charter of the City and the Constitution and laws of the State of Minnesota, including
Minnesota Statutes, Chapters 429 and 475, as amended, specifically Section 475.67, subdivision 3, and
Section 8.07, subdivision 3 of the home rule charter, and the principal hereof and interest hereon are
payable primarily from special assessments, as set forth in the Resolution to which reference is made for a
full statement of rights and powers thereby conferred. The full faith and credit of the City are irrevocably
pledged for payment of this Bond and the City Council has obligated itself to levy ad valorem taxes on all
taxable property in the City in the event of any deficiency in special assessments pledged, which taxes
may be levied without limitation as to rate or amount. The Bonds of this series are issued only as fully
registered Bonds in denominations of $5,000 or any integral multiple thereof of single maturities.
486981v1 JAE LN140-117
B-1
As provided in the Resolution and subject to certain limitations set forth therein, this Bond is
transferable upon the books of the City at the principal office of the Bond Registrar, by the registered
owner hereof in person or by the owner's attorney duly authorized in writing, upon surrender hereof
together with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the
registered owner or the owner's attorney; and may also be surrendered in exchange for Bonds of other
authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to
be issued in the name of the transferee or registered owner, of the same aggregate principal amount,
bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee
or governmental charge required to be paid with respect to such transfer or exchange.
The City and the Bond Registrar may deem and treat the person in whose name this Bond is
registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving
payment and for all other purposes, and neither the City nor the Bond Registrar will be affected by any
notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the home rule charter and the Constitution and laws of the State of
Minnesota, to be done, to exist, to happen and to be performed preliminary to and in the issuance of this
Bond in order to make it a valid and binding general obligation of the City in accordance with its terms,
have been done, do exist, have happened and have been performed as so required, and that the issuance of
this Bond does not cause the indebtedness of the City to exceed any constitutional, statutory, or charter
limitation of indebtedness.
This Bond is not valid or obligatory for any purpose or entitled to any security or benefit under
the Resolution until the Certificate of Authentication hereon has been executed by the Bond Registrar by
manual signature of one of its authorized representatives.
IN WITNESS WHEREOF, the City of Lino Lakes, Anoka County, Minnesota, by its City
Council, has caused this Bond to be executed on its behalf by the facsimile or manual signatures of the
Mayor and City Administrator and has caused this Bond to be dated as of the date set forth below.
Dated: November 23, 2016
CITY OF LINO LAKES, MINNESOTA
(Facsimile) (Facsimile)
Mayor City Administrator
486981v1 JAE LN140-117
B-2
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
U.S. BANK NATIONAL ASSOCIATION
By
Authorized Representative
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this Bond, will be
construed as though they were written out in full according to applicable laws or regulations:
TEN COM -- as tenants in common UNIF GIFT MIN ACT
Custodian
(Cust) (Minor)
TEN ENT -- as tenants by entireties under Uniform Gifts or Transfers to Minors
Act, State of
JT TEN -- as joint tenants with right of
survivorship and not as tenants in common
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfers unto
the within Bond and all rights thereunder, and does
hereby irrevocably constitute and appoint attorney to transfer the said
Bond on the books kept for registration of the within Bond, with full power of substitution in the
premises.
Dated:
Notice:
Signature Guaranteed:
The assignor's signature to this assignment must correspond with the name as it
appears upon the face of the within Bond in every particular, without alteration or
any change whatever.
NOTICE: Signature(s) must be guaranteed by a financial institution that is a member of the Securities
Transfer Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program ("SEMP"), the
486981v1 JAE LN140-117
B-3
New York Stock Exchange, Inc. Medallion Signatures Program ("MSP") or other such "signature
guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP,
SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.
The Bond Registrar will not effect transfer of this Bond unless the information concerning the
assignee requested below is provided.
Name and Address:
(Include information for all joint owners if this Bond is
held by joint account.)
{Please insert social security or other identifying number of assignee
Please insert social security or other identifying
number of assignee
PROVISIONS AS TO REGISTRATION
The ownership of the principal of and interest on the within Bond has been registered on the
books of the Registrar in the name of the person last noted below.
Date of Registration
486981v1 JAE LN140-I17
Signature of
Registered Owner Officer of Registrar
Cede & Co.
Federal ID #13-2555119
B-4
EXHIBIT C
NOTICE OF CALL FOR REDEMPTION
$5,550,000
CITY OF LINO LAKES, MINNESOTA
TAXABLE GENERAL OBLIGATION IMPROVEMENT BONDS
SERIES 2005A
NOTICE IS HEREBY GIVEN that, by order of the City Council of the City of Lino Lakes,
Anoka County, Minnesota (the "City"), there have been called for redemption and prepayment on
February 1, 2017
all outstanding bonds designated as the City's Taxable General Obligation Improvement Bonds,
Series 2005A, dated November 1, 2005, having stated maturity dates of February 1 in the years 2018
through 2021, both inclusive, totaling $1,935,000 in principal amount, and with the following CUSIP
numbers:
Year of Maturity
2018
2021
Amount CUSIP
$ 445,000
1,490,000
536060 JJ6
536060 JM9
The bonds are being called at a price of par plus accrued interest to February 1, 2017, on which
date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redemption are
requested to present their bonds for payment at the main office of U.S. Bank National Association in the
City of Saint Paul, Minnesota, at the following address, on or before February 1, 2017:
U.S. Bank National Association
Corporate Trust Services
111 Fillmore Avenue East
St. Paul, MN 55107
Important Notice: In compliance with the Economic Growth and Tax Relief Reconciliation Act of
2009, the paying agent is required to withhold a specified percentage of the principal amount of the
redemption price payable to the holder of any bonds subject to redemption and prepayment on the
redemption date, unless the paying agent is provided with the Social Security Number or Federal
Employer Identification Number of the holder, properly certified. Submission of a fully executed Request
for Taxpayer Identification Number and Certification, Form W-9 (Rev. December 2011), will satisfy the
requirements of this paragraph.
Dated:
C-1
486981v1 JAE LN140-117
BY ORDER OF THE CITY COUNCIL OF THE
CITY OF LINO LAKES, MINNESOTA
By /s/ Jeff Karlson
City Administrator
City of Lino Lakes, Minnesota
STATE OF MINNESOTA )
COUNTY OF ANOKA ) SS.
CITY OF LINO LAKES )
I, the undersigned, being the duly qualified and acting City Clerk of the City of Lino Lakes,
Minnesota (the "City"), do hereby certify that I have carefully compared the attached and foregoing
extract of minutes of a regular meeting of the City Council of the City held on October 24, 2016, with the
original minutes on file in my office and the extract is a full, true and correct copy of the minutes insofar
as they relate to the issuance and sale of the City's Taxable General Obligation Improvement Refunding
Bonds, Series 2016B, in the original aggregate principal amount of $1,980,000.
WITNESS My hand officially as such City Clerk and the corporate seal of the City this
day of , 2016.
City Clerk
City of Lino Lakes, Minnesota
(SEAL)
486981v1 JAE LN140-117
STATE OF MINNESOTA
COUNTY OF ANOKA
CERTIFICATE OF MANAGER OF
PROPERTY RECORDS AND TAXATION
AS TO REGISTRATION WHERE NO AD
VALOREM TAX LEVY
I, the undersigned Manager of Property Records and Taxation of Anoka County, Minnesota,
hereby certify that a certified copy of a resolution adopted by the governing body of the City of Lino
Lakes, Minnesota (the "City"), on October 24, 2016, relating to the City's Taxable General Obligation
Improvement Refunding Bonds, Series 2016B, issued in the original aggregate principal amount of
$1,980,000, dated November 23, 2016, has been filed in my office and said bonds have been entered on
the register of obligations in my office.
WITNESS My hand and official seal this day of , 2016.
MANAGER OF PROPERTY RECORDS
AND TAXATION
ANOKA COUNTY, MINNESOTA
By
Its
(SEAL)
486981v1 JAE LN 140-117