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Home My WebLink AboutResolution No. 90-58 EDALINO LAKES, MINNESOTA EDA PUBLIC PROJECT REVENUE BONDS, SERIES 1990A POST SALE DEBT SERVICE Prepared August 14, 1990 By SPRINGSTED Incorporated Bond Date: 9/ 1/1990 Sale Date: 8/13/1990 Issue Size: $1,115,000 Annual Payment + 5% Levy Date Principal Rate Interest Total Payment Year 8/ 1/1991 2/ 1/1992 8/ 1/1992 2/ 1/1993 8/ 1/1993 2/ 1/1994 8/ 1/1994 2/ 1/1995 25,000 6.300 8/ 1/1995 2/ 1/1996 25,000 6.400 8/ 1/1996 2/ 1/1997 25,000 6.450 8/ 1/1997 2/ 1/1998 40,000 6.500 8/ 1/1998 2/ 1/1999 50,000 6.600 8/ 1/1999 2/ 1/2000 50,000 6.700 8/ 1/2000 2/ 1/2001 75,000 6.750 8/ 1/2001 2/ 1/2002 75,000 6.800 8/ 1/2002 2/ 1/2003 75,000 6.900 8/ 1/2003 2/ 1/2004 75,000 7.000 8/ 1/2004 2/ 1/2005 100,000 7.000 8/ 1/2005 2/ 1/2006 100,000 7.100 70,835.66 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 37,850.00 37,850.00 37,050.00 37,050.00 36,243.75 36,243.75 34,943.75 34,943.75 33,293.75 33,293.75 31,618.75 31,618.75 29,087.50 29,087.50 26,537.50 26,537.50 23,950.00 23,950.00 21,325.00 21,325.00 17,825.00 17,825.00 70,835.66 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 63,637.50 37,850.00 62,850.00 37,050.00 62,050.00 36,243.75 76,243.75 34,943.75 84,943.75 33,293.75 83,293.75 31,618.75 106,618.75 29,087.50 104,087.50 26,537.50 101,537.50 23,950.00 98,950.00 21,325.00 121,325.00 17,825.00 117,825.00 109,473.16 77,275.00 77,275.00 102,275.00 100,700.00 99,100.00 112,487.50 119,887.50 116,587.50 138,237.50 133,175.00 128,075.00 122,900.00 142,650.00 135,650.00 114,947 1990 81,139 1991 81,139 1992 107,389 1993 105,735 1994 104,055 1995 118,112 1996 125,882 1997 122,417 1998 145,150 1999 139,834 2000 134,479 2001 129,045 2002 149,783 2003 142,433 2004 • LINO LAKES, MINNESOTA EDA PUBLIC PROJECT REVENUE BONDS, SERIES 1990A POST SALE DEBT SERVICE Prepared August 14, 1990 By SPRINGSTED Incorporated Bond Date: 9/ 1/1990 Sale Date: 8/13/1990 Issue Size: $1,115,000 Annual Payment + 5% Levy Date Principal Rate Interest Total Payment Year 8/ 1/2006 2/ 1/2007 8/ 1/2007 2/ 1/2008 8/ 1/2008 2/ 1/2009 8/ 1/2009 2/ 1/2010 100,000 100,000 100,000 100,000 TOTALS $1,115,000 Discount (plus) Net Interest Cost 7.100 7.150 7.150 7.150 14,275.00 14,275.00 14,275.00 114,275.00 128,550.00 10,725.00 10,725.00 10,725.00 110,725.00 121,450.00 7,150.00 7,150.00 7,150.00 107,150.00 114,300.00 3,575.00 3,575.00 3,575.00 103,575.00 107,150.00 $1,072,198.16 $2,187,198.16 $2,187,198.16 $17,840.00 $1,090,038.16 Interest rounded on individual $5,000 denominations 134,978 2005 127,523 2006 120,015 2007 112,508 2008 $2,296,563 Extract 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 the City of Lino Lakes on Monday, August 13, 1990, commencing at 6:30 P.M. The following members were present: W. Bohjanen, S. Kuether, W. Neal, V. Reinert & Mayor H. Bisel and the following were absent: None * * * The Mayor announced that the next order of business was approval of the terms of the Lino Lakes Economic Development Authority's $1,115,000 Public Project Revenue Bonds, Series 1990A (City of Lino Lakes Installment Contract Obligations). Member Bohjanen introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 58-90 A RESOLUTION APPROVING THE TERMS OF $1,115,000 PUBLIC PROJECT REVENUE BONDS, SERIES 1990A (CITY OF LINO LAKES INSTALLMENT CONTRACT OBLIGATIONS) OF THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City") as follows: Section 1. Terms of Bonds. 1.01. By action taken by its Board of Commissioners, the Lino Lakes Economic Development Authority (the "Authority") has approved the issuance and sale of its Public Project Revenue Bonds, Series 1990A (City of Lino Lakes Installment Contract Obligations) (the "Bonds") in the principal amount of $1,115,000 originally dated September 1, 1990, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest at the rates and maturing on February 1 of the years as follows: Year Principal Interest (February 1) Amount Rate 1995 $ 25,000 6.30 96 1996 25,000 6.40 1997 25,000 6.45 1998 40,000 6.50 1999 50,000 6.60 2000 50,000 6.70 2001 75,000 6.75 2002 75,000 6.80 2003 75,000 6.90 2004 75,000 7.00 2005 100,000 7.00 2006 100,000 7.10 2007 100,000 7.10 2008 100,000 7.15 2009 100,000 7.15 2010 100,000 7.15 2 Section 2. Installment Purchase Contract Schedule of Payments. 2.01. Pursuant to the Installment Purchase Contract dated as of June 28, 1990 between the City and the Authority, the City has agreed to make payments at the times and in the amounts necessary to pay debt service on the Authority's Bonds. The schedule of payments is as follows: Date Amount [ See attached] 2.02. The foregoing payments shall be made to First Trust National Association, St. Paul , Minnesota, as trustee for the Authority's Bonds. Section 3. Tax Covenants. 3.01. For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City hereby finds, determines and declares that the aggregate face amount of all tax-exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities of the City) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4XC) of the Code. The City hereby allocates to the Authority a portion of the City's $5,000,000 limitation under Section 148(fX4XCXiXIV) of the Internal Revenue Code of 1986, as amended, in the amount of $1,115,000. This allocation is irrevocable and binding upon the City. The project which is being undertaken by the Authority with the proceeds of the Bonds is a project which confers benefits on the City since it is a project which will be sold to and occupied by the City pursuant to the Installment Purchase Contract. 3.02. The City covenants not to use the project or the proceeds of the Bonds or to cause or permit them or any of them to be used, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. 3.03. In order to qualify the Bonds as "qualified tax-exempt obligations" within the meaning of Section 265(bX3) of the Code, the City makes the following factual statements and representations: (a) the Bonds are not "private activity bonds" as defined in Section 141 of the Code; (b) the reasonably anticipated amount of tax-exempt obligations (other than private activity bonds, treating qualified 501(cX3) bonds as not being private activity bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 1990 will not exceed $10,000,000; and (c) not more than $10,000,000 of obligations issued by the City (or entities subordinate to the City) during calendar year 1990 have been designated for purposes of Section 265(bX3) of the Code. 3 LINO LAKES, MINNESOTA EDA PUBLIC PROJECT REVENUE BONDS, SERIES 1990A POST SALE DEBT SERVICE Date Principal Rate 8/ 1/1991 2/ 1/1992 8/ 1/1992 2/ 1/1993 8/ 1/1993 2/ 1/1994 8/ 1/1994 2/ 1/1995 8/ 1/1995 2/ 1/1996 8/ 1/1996 2/ 1/1997 8/ 1/1997 2/ 1/1998 8/ 1/1998 2/ 1/1999 8/ 1/1999 2/ 1/2000 8/ 1/2000 2/ 1/2001 8/ 1/2001 2/ 1/2002 8/ 1/2002 2/ 1/2003 8/ 1/2003 2/ 1/2004 8/ 1/2004 2/ 1/2005 8/ 1/2005 2/ 1/2006 25,000 25,000 25,000 40,000 50,000 50,000 75,000 6.300 6.400 6.450 6.500 6.600 6.700 6.750 75,000 6.800 75,000 75,000 100,000 100,000 6.900 7.000 7.000 7.100 Prepared August 14, 1990 By SPRINGSTED Incorporated Bond Date: 9/ 1/1990 Sale Date: 8/13/1990 Issue Size: $1,115,000 Annual Interest Total Payment 70,835.66 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 37,850.00 37,850.00 37,050.00 37,050.00 36,243.75 36,243.75 34,943.75 34,943.75 33,293.75 33,293.75 31,618.75 31,618.75 29,087.50 29,087.50 26,537.50 26,537.50 23,950.00 23,950.00 21,325.00 21,325.00 17,825.00 17,825.00 70,835.66 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 38,637.50 63,637.50 37,850.00 62,850.00 37,050.00 62,050.00 36,243.75 76,243.75 34,943.75 84,943.75 33,293.75 83,293.75 31,618.75 106,618.75 29,087.50 104,087.50 26,537.50 101,537.50 23,950.00 98,950.00 21,325.00 121,325.00 17,825.00 117,825.00 109,473.16 77,275.00 77,275.00 102,275.00 100,700.00 99,100.00 112,487.50 119,887.50 116,587.50 138,237.50 133,175.00 128,075.00 122,900.00 142,650.00 135,650.00 LINO LAKES, MINNESOTA EDA PUBLIC PROJECT REVENUE BONDS, SERIES 1990A POST SALE DEBT SERVICE Date Principal Rate 8/ 1/2006 2/ 1/2007 8/ 1/2007 2/ 1/2008 8/ 1/2008 2/ 1/2009 8/ 1/2009 2/ 1/2010 100,000 100,000 100,000 100,000 TOTALS $1,115,000 Discount (plus) Net Interest Cost 7.100 7.150 7.150 7.150 Prepared August 14, 1990 By SPRINGSTED Incorporated Bond Date: 9/ 1/1990 Sale Date: 8/13/1990 Issue Size: $1,115,000 Annual Interest Total Payment 14,275.00 14,275.00 14,275.00 114,275.00 128,550.00 10,725.00 10,725.00 10,725.00 110,725.00 121,450.00 7,150.00 7,150.00 7,150.00 107,150.00 114,300.00 3,575.00 3,575.00 3,575.00 103,575.00 107,150.00 $1,072,198.16 $2,187,198.16 $2,187,198.16 $17,840.00 $1,090,038.16 Interest rounded on individual $5,000 denominations The motion for the adoption of the foregoing resolution was duly seconded by Member Kuether following voted in favor thereof: and upon vote being taken thereon, the Bisel, Bohjanen, Kuether, Neal & Reinert and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. 4 STATE OF MINNESOTA ) COUNTY OF ANOKA ) SS. CITY OF LINO LAKES ) I, the undersigned, being the duly qualified and acting Clerk -Treasurer of the City of Lino Lakes, Anoka County, Minnesota, 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 August 13, 1990 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 approval of $1,115,000 Public Project Revenue Bonds, Series 1990A (City of Lino Lakes Installment Contract Obligations) of the Lino Lakes Economic Development Authority. WITNESS My hand officially as such Clerk -Treasurer this /3'% day of ^ August, 1990. lerk-Treasurer City of Lino Lakes 5