HomeMy WebLinkAbout2020-043 Council Resolution(Zest . 2a -'-f 3
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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, Anoka County, Minnesota, was held by teleconference on Monday, April 27, 2020, commencing
at 6:30 P.M. The teleconference was held in accordance with Minnesota Statutes, Section 13D.021, and
pursuant to a declaration made by the Mayor on March 19, 2020.
The following members of the Council were present:
Stoesz, Lyden, Cavegn, Ruhland, Rafferty
and the following were absent:
None
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Councilmember Cavegn introduced the following written resolution, the reading of which was
dispensed with by unanimous consent, and moved its adoption:
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RESOLUTION NO. 20-43
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
OF GENERAL OBLIGATION UTILITY REVENUE BONDS,
SERIES 2020A, IN THE PROPOSED AGGREGATE PRINCIPAL
AMOUNT OF $4,800,000
BE IT RESOLVED By the City Council (the "City Council") of the City of Lino Lakes, Anoka
County, Minnesota (the "City") as follows:
1. Authorization.
(a) The City engineer has recommended the construction of various improvements to
the City's water system, including the construction of a new water tower (the "Water Project"),
pursuant to Minnesota Statutes, Chapters 444 and 475, as amended (the "Act").
(b) It is necessary and expedient to the sound financial management of the affairs of
the City to issue its General Obligation Utility Revenue Bonds, Series 2020A (the "Bonds"), in
the proposed aggregate principal amount of $4,800,000, pursuant to the Act, to provide financing
for the Water Project.
(c) The City is authorized by Section 475.60, subdivision 2(9) of the Act to negotiate
the sale of the Bonds, it being determined that the City has retained an independent municipal
advisor in connection with such sale.
2. Sale of Bonds. The City Council finds it necessary and expedient to the sound financial
management of the affairs of the City to issue the Bonds in the proposed aggregate principal amount of
$4,800,000, pursuant to the Act, to provide financing for the Water Project. The Bonds will be issued,
sold, and delivered in accordance with the Terms of Proposal attached hereto as EXHIBIT A (the "Terms
of Proposal"). The Bonds may be offered for public sale or privately placed with a banking institution.
3. Authority of Municipal Advisor. Baker Tilly Municipal Advisors, LLC (the "Municipal
Advisor") is authorized and directed to negotiate the Bonds on behalf of the City in accordance with the
Terms of Proposal. The City Council will meet at 6:30 P.M. on Monday, June 8, 2020, to consider
proposals on the Bonds and take any other appropriate action with respect to the Bonds, subject to the
provisions of Section 4 hereof.
4. Parameters of Sale. If market conditions are not favorable on June 8, 2020, the City will not
sell the Bonds on such date and will instead delegate the authority to sell the bonds to a pricing committee
comprised of the Mayor and the City Administrator (the "Pricing Committee"). The Pricing Committee,
with advice from the Municipal Advisor, is authorized and directed to select a new sale date for the Bonds
and review proposals for the sale of the Bonds based on the following parameters: (i) the principal
amount of the Bonds shall not exceed $5,000,000; and (ii) the true interest cost of the Bonds shall not
exceed 4.00%. The City hereby approves the sale of the Bonds to the purchaser selected by the Pricing
Committee (the "Purchaser") at the price, principal amount, and rates and subject to other provisions to be
determined by the Pricing Committee.
Upon approval of the sale of the Bonds to the Purchaser, the Pricing Committee shall complete
and sign a certificate (the "Pricing Committee Certificate") in substantially the form set forth in
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EXHIBIT B attached hereto. The City Administrator is authorized and directed to attach the Pricing
Committee Certificate, when complete, to this resolution.
5. Authority of Bond Counsel. The law firm of Kennedy & Graven, Chartered, as bond
counsel for the City ("Bond Counsel"), is authorized to act as bond counsel and to assist in the
preparation and review of necessary documents, certificates, and instruments relating to the Bonds. The
officers, employees, and agents of the City are hereby authorized to assist Bond Counsel in the
preparation of such documents, certificates, and instruments.
6. Covenants. In the resolution ratifying or awarding the sale of the Bonds, the City
Council will set forth the covenants and undertakings required by the Act.
7. Official Statement. In connection with the sale of the Bonds, the officers or employees of
the City are authorized and directed to cooperate with the Municipal Advisor and participate in the
preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon
its completion.
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The motion for the adoption of the foregoing resolution was duly seconded by Councilmember
Ruhland, and upon vote being taken thereon the following members voted in favor of the motion:
Cavegn, Ruhland, Lyden, Stoesz, Rafferty
and the following voted against:
None
whereupon the resolution was declared duly passed and adopted.
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EXHIBIT A
TERMS OF PROPOSAL
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THE CITY HAS AUTHORIZED BAKER TILLY MUNICIPAL ADVISORS, LLC TO
NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE
FOLLOWING BASIS:
TERMS OF PROPOSAL
$4,800,000*
CITY OF LINO LAKES, AIINNESOTA
GENERAL OBLIGATION UTILITY REVENUE BONDS, SERIES 2020A
(BOOK ENTRY ONLY)
Proposals for the above -referenced obligations (the '`Bonds") will be received by the City of Lino Lakes,
Minnesota (the "City") on Monday, June 8, 2020. (the -`Sale Date") until 10:00 A.M., Central Time (the
"Sale Time") at the offices of Baker Tilly Municipal Advisors, LLC ("Baker Tilly MA"), 380 Jackson
Street, Suite 300, Saint Paul, Minnesota. 55101, after which time proposals will be opened and tabulated.
Consideration for award of the Bonds will be by the City Council at its meeting commencing at 6:00 P.M.,
Central Time, of the same day.
SUBMISSION OF PROPOSALS
Baker Tilly MA will assume no liability for the inability of a bidder or its proposal to reach Baker Tilly
MA prior to the Sale Time, and neither the City nor Baker Tilly MA shall be responsible for any failure,
misdirection or error in the means of transmission selected by any bidder. All bidders are advised that each
proposal shall be deemed to constitute a contract between the bidder and the City to purchase the Bonds
regardless of the manner in which the proposal is submitted.
(a) Sealed Biddinr?. Completed, signed proposals may be submitted to Baker Tilly MA by email to
bondservicea.bakertillv.com or by fax (651) 223-3046, and must be received prior to the Sale Time.
OR
(b) Electronic Bidding. Proposals may also be received via PARITY". For purposes of the electronic
bidding process. the time as maintained by PARITY" shall constitute the official time with respect to all
proposals submitted to PARITY. Each bidder shall be solely responsible for making necessary
arrangements to access PARITYt for purposes of submitting its electronic proposal in a timely manner and
in compliance with the requirements of the Terms of Proposal. Neither the City, its agents, nor PARITYr
shall have any duty or obligation to undertake registration to bid for any prospective bidder or to provide
or ensure electronic access to any qualified prospective bidder_ and neither the City, its agents. nor
PARITY" shall be responsible for a bidder's failure to register to bid or for any failure in the proper
operation of, or have any liability for any delays or interruptions of or any damages caused by the services
of PARITY". The City is using the services of PARITY solely as a communication mechanism to conduct
the electronic bidding for the Bonds. and PARITY' is not an agent of the City.
If any provisions of this Terrns of Proposal conflict with information provided by PARITY, this Terms of
Proposal shall control. Further information about PARITY". including any fee charged. may be obtained
from:
PARITY, 1359 Broadway, 2nd Floor, New York. New York 10018
Customer Support: (212) 849-5000
* Preliminary; subject to change.
Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly -owned subsidiary of Baker Tilly Virchow Krause, LLP, an accounting
firm. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of
which are separate and independent legal entities. 0 2020 Baker Tilly Municipal Advisors, LLC.
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DETAILS OF THE BONDS
The Bonds will be dated as of the date of delivery and will bear interest payable on February 1 and August 1.
of each year, commencing February 1, 2021. Interest will be computed on the basis of a 360-day year of
twelve 30-day months.
The Bonds will mature February 1 in the years and amounts* as follows:
2021 $320,000 2024 $300,000 2027 $310,000 2030 $325,000 2033 $345,000
2022 $290,000 2025 $305,000 2028 $315,000 2031 $330,000 2034 $350,000
2023 $295,000 2026 $305,000 2029 $320,000 2032 $335,000 2035 $355,000
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The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal
amount of the Bonds or the amount of am' maturity or maturities in multiples of $5, 000, In the event the amount
of any maturity is modified, the aggregate purchase price will be adjusted to result in the same gross spread per
$1,000 of Bonds as that of the original proposal. Gross spread for this propose is the differential between the
price paid ro the City for the new issue and the prices at which the proposal indicates the securities will be initially
offered ro the investing public.
Proposals for the Bonds may contain a maturity schedule providing for a combination of serial bonds and
term bonds. All terns bonds shall be subject to mandatory sinking fund redemption at a price of par plus
accrued interest to the date of redemption scheduled to conform to the maturity schedule set forth above.
In order to designate term bonds, the proposal must specify "Years of Term Maturities" in the spaces
provided on the proposal form.
BOOKENIRY SYSIr.M
The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made to
the public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate
principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as
nominee of The Depository Trust Company ("DTC"), New York, New York, which will act as securities
depository- for the Bonds. Individual purchases of the Bonds may be made in the principal amount of $5,000
or any multiple thereof of a single maturity through book entries made on the books and records of DTC
and its participants. Principal and interest are payable by the registrar to DTC or its nominee as registered
owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the
responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will
be the responsibility of such participants and other nominees of beneficial owners. The lowest bidder (the
"Purchaser"), as a condition of delivery of the Bonds, will be required to deposit the Bonds with DTC.
REGISTRAR
The City will name the registrar which shall be subject to applicable regulations of the Securities and
Exchange Commission. The City will pay for the services of the registrar.
OPTIONAL REDEMPTION
The City may elect on February 1, 2029. and on any day thereafter, to redeem Bonds due on or after
February 1, 2030. Redemption may be in whole or in part and if in part at the option of the City and in
such manner as the City shall determine. If less than all Bonds of a maturity are called for redemption, the
Cin will notify DTC of the particular amount of such maturity to be redeemed. DTC will determine by lot
the amount of each participant's interest in such maturity to be redeemed and each participant will then
select by lot the beneficial ownership interests in such maturity- to be redeemed. All redemptions shall be
at a price of par plus accrued interest.
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SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and
power to levy direct general ad valorem taxes. In addition, the City will pledge net revenues of the City's
water utility fund. The proceeds of the Bonds will be used to finance Water Tower 43 located within the
City.
BANK QUALIFIED TAX-EXEMPT OBLIGATIONS
The City will designate the Bonds as qualified tax-exempt obligations for purposes of Section 265(b)(3) of
the Internal Revenue Code of 1986, as amended.
BIDDING PARAME I ERS
Proposals shall be for not less than S4,737.600 plus accrued interest, if any. on the total principal amount
of the Bonds. No proposal can be withdrawn or amended after the time set for receiving proposals on the
Sale Date unless the meeting of the City scheduled for award of the Bonds is adjourned. recessed. or
continued to another date without award of the Bonds having been made. Rates shall be in integral multiples
of 11100 or 1/8 of 1%. The initial price to the public for each maturity as stated on the proposal must be
98.0% o or greater. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date
of maturity. No conditional proposals will be accepted.
ESTABLISHMENT OF ISSUE PRICE
In order to provide the City with information necessary for compliance with Section 148 of the Internal
Revenue Code of 1986. as amended, and the Treasury Regulations promulgated thereunder (collectively.
the "Code"). the Purchaser will be required to assist the City in establishing the issue price of the Bonds
and shall complete. execute, and deliver to the City prior to the closing date. a written certification in a form
acceptable to the Purchaser. the City. and Bond Counsel (the "Issue Price Certificate") containing the
following for each maturity of the Bonds (and, if different interest rates apply within a maturity, to each
separate CUSIP number within that maturity): (i) the interest rate: (ii) the reasonably expected initial
offering price to the "public" (as said term is defined in Treasury Regulation Section 1.148-1(0 (the
"Regulation")) or the sale price: and (iii) pricing wires or equivalent communications supporting such
offering or sale price. [However, such Issue Price Certificate may indicate that the Purchaser has purchased
the Bonds for its own account in a capacity other than as an underwriter or wholesaler. and currently has
no intent to reoffer the Bonds for sale to the public.] Any action to be taken or documentation to be received
by the City pursuant hereto may be taken or received on behalf of the City by Baker Tilly MA.
The City intends that the sale of the Bonds pursuant to this Terms of Proposal shall constitute a "competitive
sale" as defined in the Regulation based on the following:
(i) the City shall cause this Terms of Proposal to be disseminated to potential bidders in a
manner that is reasonably designed to reach potential bidders;
(ii) all bidders shall have an equal opportunity to submit a bid;
(iii) the City reasonably expects that it will receive bids from at least three bidders that have
established industry reputations for underwriting municipal bonds such as the Bonds: and
(iv) the City anticipates awarding the sale of the Bonds to the bidder who provides a proposal
with the lowest true interest cost, as set forth in this Terms of Proposal (See "AWARD"
herein).
Any bid submitted pursuant to this Terms of Proposal shall be considered a firm offer for the purchase of
the Bonds, as specified in the proposal. The Purchaser shall constitute an -underwriter" as said term is
defined in the Regulation. By submitting its proposal, the Purchaser confirms that it shall require any
agreement among underwriters. a selling group agreement. or other agreement to which it is a party relating
to the initial sale of the Bonds. to include provisions requiring compliance with the provisions of the Code
and the Regulation regarding the initial sale of the Bonds.
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If all of the requirements of a "competitive sale" are not satisfied, the City shall advise the Purchaser of
such fact prior to the time of award of the sale of the Bonds to the Purchaser. In such event, any proposal
submitted will not be subject to cancellation or withdrawal. Within twenty-four (24) hours of the notice
of award of the sale of the Bonds, the Purchaser shall advise the City and Baker Tilly MA if 10% of any
maturity of the Bonds (and, if different interest rates apply within a maturity, to each separate CUSIP
number within that maturity) has been sold to the public and the price at which it was sold. The City will
treat such sale price as the `issue price" for such maturity. applied on a maturity -by -maturity basis. The
City will not require the Purchaser to comply with that portion of the Regulation commonly described as
the "hold -the -offering -price" requirement for the remaining maturities, but the Purchaser may elect such
option. If the Purchaser exercises such option.. the City- will apply the initial offering price to the public
provided in the proposal as the issue price for such maturities. If the Purchaser does not exercise that option_
it shall thereafter promptly provide the City and Baker Tilly MA the prices at which 10% of such maturities
are sold to the public; provided such determination shall be made and the City and Baker Tilly MA notified
of such prices whether or not the closing date has occurred, until the 10°'o test has been satisfied as to each
maturity of the Bonds or until all of the Bonds of a maturity have been sold.
GOOD FAITH DEPOSIT
To have its proposal considered for award, the Purchaser is required to submit a good faith deposit via wire
transfer to the City in the amount of $48.000 (the "Deposit") no later than 1:00 P.M., Central Time on the
Sale Date. The Purchaser shall be solely responsible for the timely delivery of its Deposit, and neither the
City nor Baker Tilly MA have any liability for delays in the receipt of the Deposit. If the Deposit is not
received by the specified time. the City may, at its sole discretion, reject the proposal of the lowest bidder,
direct the second lowest bidder to submit a Deposit. and thereafter award the sale to such bidder.
A Deposit will be considered timely delivered to the City upon submission of a federal wire reference
number by the specified time. Wire transfer instructions will be available from Baker Tilly MA following
the receipt and tabulation of proposals. The successful bidder must send an e-mail including the following
information: (i) the federal reference number and time released; (ii) the amount of the wire transfer; and
(iii) the issue to which it applies.
Once an award has been made. the Deposit received from the Purchaser will be retained by the City and no
interest will accrue to the Purchaser. The amount of the Deposit will be deducted at settlement from the
purchase price. In the event the Purchaser fails to comply with the accepted proposal, said amount will be
retained by the City.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost
(TIC) basis calculated on the proposal prior to any adjustment made by the City. The City's computation
of the interest rate of each proposal, in accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non -substantive informalities of any proposal or of matters
relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and
(iii) reject any proposal that the City determines to have failed to comply with the terms herein.
BOND LNSURQ,NCE AT PURCHASER'S OPTION
The City has not applied for or pre -approved a commitment for any policy of municipal bond insurance
with respect to the Bonds. If the Bonds qualify for municipal bond insurance and a bidder desires to
purchase a policy, such indication. the maturities to be insured, and the name of the desired insurer must be
set forth on the bidder's proposal. The City specifically reserves the right to reject any bid specifying
municipal bond insurance, even though such bid may result in the lowest TIC to the City. All costs
associated with the issuance and administration of such policy and associated ratings and expenses (other
than any independent rating requested by the City) shall be paid by the successful bidder. Failure of the
municipal bond insurer to issue the policy after the award of the Bonds shall not constitute cause for failure
or refusal by the successful bidder to accept delivery of the Bonds.
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CUSIP NUMBERS
If the Bonds qualify for the assignment of CUSIP ntunbers such numbers will be printed on the Bonds;
however, neither the failure to print such numbers on any Bond nor any error with respect thereto will
constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. Baker Tilly MA
will apply for CUSIP numbers pursuant to Rule G-34 implemented by the Municipal Securities Rulemaking
Board. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be
paid by the Purchaser.
SETTLEMENT
On or about July 8, 2020. the Bonds will be delivered without cost to the Purchaser through DTC in New
York, New York. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of
Kennedy & Graven, Chartered of Minneapolis.. Minnesota, and of customary closing papers, including a
no -litigation certificate. On the date of settlement, payment for the Bonds shall be made in federal, or
equivalent, funds that shall be received at the offices of the City or its designee not later than 12:00 Noon,
Central Time. Unless compliance with the terms of payment for the Bonds has been made impossible by
action of the City, or its agents. the Purchaser shall be liable to the City for any loss suffered by the City by
reason of the Purchaser's non-compliance with said terms for payment.
CONTINUING DISCLOSURE
In accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution awarding
sale of the Bonds, to provide annual reports and notices of certain events. A description of this undertaking
is set forth in the Official Statement. The purchaser's obligation to purchase the Bonds will be conditioned
upon receiving evidence of this undertaking at or prior to delivery of the Bonds.
OFFICIAL STATEMENT
The City has authorized the preparation of a Preliminary Official Statement containing pertinent
infonnation relative to the Bonds, and said Preliminary Official Statement has been deemed final by the
City as of the date thereof within the meaning of Rule 15c2-12 of the Securities and Exchange Commission.
For an electronic copy of the Preliminary- Official Statement or for any additional infonnation prior to sale,
any prospective purchaser is referred to the Municipal Advisor to the City, Baker Tilly Municipal Advisors,
LLC, by telephone (651) 223-3000, or by email bondservice(u bakertilly.com. The Preliminary Official
Statement will also be made available at https://go.bakertilly.comibond-sales-calendar.
A Final Official Statement (as that term is defined in Rule 15c2-12) will be prepared, specifying the maturity
dates, principal amounts, and interest rates of the Bonds, together with any other information required by
law. By awarding the Bonds to the Purchaser. the City° agrees that, no more than seven business days after
the date of such award, it shall provide to the Purchaser an electronic copy of the Final Official Statement.
The City designates the Purchaser as its agent for purposes of distributing the Final Official Statement to
each syndicate member, if applicable. The Purchaser agrees that if its proposal is accepted by the City.
(i) it shall accept designation and (ii) it shall enter into a contractual relationship with its syndicate members
for purposes of assuring the receipt of the Final Official Statement by each such syndicate member.
Dated April 27. 2020 BY ORDER OF THE CITY COUNCIL
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s Julie Bartell
City CIerk
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EXHIBIT B
FORM OF PRICING COMMITTEE CERTIFICATE
City of Lino Lakes, Minnesota
General Obligation Utility Revenue Bonds
Series 2020A
CERTIFICATE OF PRICING COMMITTEE
, 2020
On behalf of the City of Lino Lakes, Minnesota (the "City"), the undersigned hereby certify in
connection with the issuance and sale of the General Obligation Utility Revenue Bonds, Series 2020A
(the "Bonds"), in the original aggregate principal amount of $ , as follows:
1. Authorization. Pursuant to a resolution adopted by the City Council of the City on
April 27, 2020 (the "Resolution"), the City established a pricing committee consisting of the Mayor and
the City Administrator (the "Pricing Committee"). The Pricing Committee was authorized to set a new
date for the sale of the Bonds, to act as the authorized representatives of the City with respect to the sale
of the Bonds, to make such determinations, approvals, authorizations, and consents, and to take such other
actions on behalf of the City as provided in the Resolution, with the advice of Baker Tilly Municipal
Advisors, LLC, the City's municipal advisor. Such authorization has not been revoked, withdrawn, or
otherwise modified.
2. Duties. The Pricing Committee is to participate in the pricing of the Bonds and approve
the terms of the Bonds. The Bonds are to be awarded by the Pricing Committee on behalf of the City,
based on the conformity of the proposals with the parameters and terms set forth in Section 4 of the
Resolution.
3. Sale Date. The Pricing Committee established the sale date of , 2020.
4. Award and Terms. [IF A PUBLIC SALE: The bids received by the City are set forth in
ATTACHMENT A attached hereto and are in accordance with the Terms of Proposal]. In accordance
with applicable terms of the Resolution, the Pricing Committee has approved the sale of the Bonds to
(the "Purchaser") at a purchase price of $ (par amount of
$ , [plus original issue premium of $ ,] [less original issue discount of
$ ,] less an underwriter's discount of $ ). The Pricing Committee has agreed with
the Purchaser to the following terms of the Bonds:
(a) The original aggregate principal amount of the Bonds is $ , which is
equal to or less than the maximum of $5,000,000.
(b) The Bonds shall be payable on the dates, in the amounts, and at the rates set forth
in ATTACHMENT B attached hereto.
(c) The true interest cost of the Bonds is %, which is equal to or less
than 4.00%.
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(d) The date of original issue of the Bonds is , 2020.
(e) The City may elect on February 1, 2029, and on any day thereafter to prepay
Bonds due on or after February 1, 2030. Redemption may be in whole or in part and if in part, at
the option of the City and in such manner as the City will determine. If less than all Bonds of a
maturity are called for redemption, the City will notify The Depository Trust Company ("DTC")
of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of
each participant's interest in such maturity to be redeemed and each participant will then select by
lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a
price of par plus accrued interest.
[IF TERM BONDS ARE REQUESTED BY THE PURCHASER: (f) The Bonds
maturing on February 1, 20 and February 1, 20 shall hereinafter be referred to collectively as
the "Term Bonds." The principal amounts of the Term Bonds subject to mandatory sinking fund
redemption on any date may be reduced through earlier optional redemptions, with any partial
redemptions of the Term Bonds credited against future mandatory sinking fund redemptions of such
Term Bonds in such order as the City shall determine. The Term Bonds are subject to mandatory
sinking fund redemption and shall be redeemed in part at par plus accrued interest on February 1 of
the following years and in the principal amounts as follows:
Sinking Fund Installment Date Principal Amount
February 1, 20 Term Bonds
* Maturity
February 1, 20_ Term Bonds
* Maturity]
5. Defined Terms. Capitalized terms used herein that are otherwise not defined shall have
the meanings assigned to such terms in the Resolution.
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IN WITNESS WHEREOF, the undersigned members of the Pricing Committee have executed
this Certificate of Pricing Committee as of the date and year first written above.
PRICING COMMITTEE
Ma
Ad "inistrator
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ATTACHMENT A TO PRICING COMMITTEE CERTIFICATE
BID TABULATION
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ATTACHMENT B TO PRICING COMMITTEE CERTIFICATE
MATURITY SCHEDULE
The Bonds shall bear interest at the rates per annum set forth below and shall mature serially on
February 1 in the years and amounts as follows:
Year Rate Amount Year Rate Amount
2021
2022
2023
2024
2025
2026
2027
2028
2029 % $
2030
2031
2032
2033
2034
2035
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STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
I, the undersigned, being the duly qualified and acting City Clerk of the City of Lino Lakes,
Minnesota (the "City"), 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 Monday, April 27, 2020, 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 General Obligation Utility Revenue Bonds,
Series 2020A, in the proposed aggregate principal amount of $4,800,000.
WITNESS My hand as City Clerk and the corporate seal of the City this 27th day of April, 2020.
LN140-122 (JAE)
647098v4
City Cleik
City of Lino Lakes, Minnesota
Minutes of Meeting of: City of Lino Lakes, Minnesota
Resolution to be Adopted: Resolution Providing for the Issuance and Sale of:
General Obligation Utility Revenue Bonds, Series 2020A
Type of Meeting:
Meeting Date:
Resolution #
20-43
Rob Rafferty
Tony Cavegn
• Chris Lyden
Michael Ruhland
Dale Stoesz
•
Regular x
April 27, 2020
Special
Meeting Time: 6:30 P.M.
Moved Seconded In
Present Absent Resol. Resol. Favor
x x
x x x
x
Against
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STATE OF MINNESOTA
) SS.
COUNTY OF ANOKA
GENERAL CERTIFICATE AS
TO ORGANIZATION OF THE
CITY OF LINO LAKES
I, the City Clerk of the City of Lino Lakes certify that to the best of my knowledge and
belief and based upon the books and records of my office that:
1. The City has been a municipal corporation since the year 1955. The City is governed
by Home Rule Charter. The date on which its current Home Rule Charter was adopted is
January 12, 1982; since that date the following sections thereof have been amended on the
dates indicated:
Section Amended
2.04 Incompatible Offices
2.05 Vacancies
3.06 Emegency Ordinances
3.07 Signing and Publication of Ordinances
3.10 Amendment and Appeal of Ordinances
and Resolutions
3.12 Secretary of the Council
4.01 Regular Municipal Election
4.02 Filing for Office
4.04 Special and Advisory Elections
4.05 Vacancy of Municipal Elected Office
5.01 Power Reserved by the People
5.02 General Provisions for Petitions
5.03 Determination of Sufficiency
5.04 Disposition of Insufficient or Irregular
Petition
5.05 Initiative
5.07 Referendum
5.08 Recall
6.04 City Clerk
6.05 City Treasurer
6.06 Basis for Hiring or Removal
7.01 Council to Control Finances
7.05 The Five -Year Financial Plan
7.10 City Indebtedness
Date of Amendment
11/07/2006
05/27/2003
05/27/2003
05/27/2003
08/09/1982
05/27/2003
05/27/2003
10/27/1986
01/25/1988
05/27/2003
01/13/2014
05/27/2003
08/09/1982
05/27/2003
08/09/1982
05/27/2003
05/27/2003
05/27/2003
08/09/1982
08/09/1982
05/27/2003
05/27/2003
05/27/2003
05/27/2003
05/27/2003
08/09/1982
08/09/1982
•
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8.02 Effective Charter Provisions 05/27/2003
8.04 Special Assessment Procedure 09/10/1984
01/13/2014
8.06 (section has no title) 09/10/1984
10.01 Franchises 05/27/2003
11.02 Roles and Finances 08/09/1982
12.02 Oath of Office 05/27/2003
12.04 Official Bonds 08/09/1982
2. The City lies in the County of Anoka and includes approximately 21,120 acres, it is
divided into -0- wards, and 7 voting precincts. The 2010 federal census population of the City
was 20,216; the present population of the City is estimated by Metropolitan Council to be
20,505.
3. The City's Federal Tax Identification number is 41-0883446.
4. The following are the current officers and council persons of the City:
Voting
Term Member
Office Name Expires (Yes or No)
Mayor Rob Rafferty 12/31/21 Yes
City
Administrator Jeff Karlson N/A No
Clerk Julianne Bartell N/A No
Finance Director Sarah Cotton N/A No
Council Person Dale Stoesz 12/31/21 Yes
Council Person Tony Cavegn 12/31/21 Yes
Council Person Michael Ruhland 12/31/23 Yes
Council Person Christopher Lyden 12/31/23 Yes
Attorney Jay Squires N/A No
Engineer WSB & Associates N/A No
360979v1 SJB LN140-103
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5. Regular meetings of the City Council are held at City Hall, 600 Town Center Parkway
in the City on the 2nd and 4th Monday of each month at 6:30 P.M.
6. The Quad Community Press is the official newspaper of said City and is published at
White Bear Lake, on Monday of each week.
7. The City has no unpaid judgments for which it is liable. (Please note exceptions on a
separate page.)
8. The City has never defaulted in the payment of principal of and interest on any bonded
indebtedness and there is no litigation pending, or known to be threatened, questioning the
organization or boundaries of the City, or the validity of its Charter or amendments thereto, or
the right of any person named therein to the office said person is stated to hold, or the right of
the City to borrow money or issue bonds, or which will impair the ability of the City to pay the
principal of and interest on bonded indebtedness now outstanding or currently contemplated.
(Please note any exceptions on a separate attached page.)
WITNESS my hand and the City Seal this 27th day of April 2020.
(SEAL)
360979v1 SJB LN140-103
3
600 Town Center Parkway
Lino Lakes, MN 554014
Telephone Number: (651) 982-2400
Fax Number: (651) 982-2499
jbartell@linolakes.us
http://www.linolakes.us