HomeMy WebLinkAbout25-091 - Resolution - GO Bond Sale Series 2025A 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 said City on June 23,2025, commencing at
r.3® o'clock p.m.
The following members were present:
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and the following were absent: tUW0,C
Member L,y ,A V% introduced the following resolution and moved its adoption:
RESOLUTION NO.25-91
RESOLUTION AWARDING THE SALE OF GENERAL
OBLIGATION BONDS, SERIES 2025A, IN THE ORIGINAL
AGGREGATE PRINCIPAL AMOUNT OF $8,090,000; FIXING
THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR
EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR
PAYMENT
BE IT RESOLVED by the City Council (the "City Council") of the City of Lino Lakes, Anoka
County,Minnesota(the"City")as follows:
Section 1. Findings,Determinations, Sale of Bonds.
1.01. Back rg ound. It is hereby determined that:
(a) Street Reconstruction Bonds.
(i) The City is authorized by Minnesota Statutes, Chapter 475, as amended
(the"Act"),including Minnesota Statutes, Section 475.58, subd.3b,as amended("Section
475.58, subd. 3b"), to issue general obligation street reconstruction bonds to finance the
cost of street reconstruction and bituminous overlay projects.
(ii) Pursuant to a resolution adopted by the Council on June 26, 2023,
following a duly noticed public hearing, the Council approved by a vote of two-thirds
majority of its members present: (i) a Street Reconstruction Plan for the years 2024—2028
(the"Plan")that described the streets to be reconstructed and estimated costs over a period
of five(5)years; and(ii)the issuance of general obligation bonds, all pursuant to the Act,
including Section 475.58, subd. 3b.
(iii) The Council hereby finds that no petition for a referendum on the issuance
of the bonds to pay the costs of the proposed street reconstruction projects was received by
the City within thirty(30)days of the hearing,in accordance with Section 475.58,subd. 3b.
(iv) On May 27,2025, the Council adopted a resolution (the "Intent
Resolution"), authorizing the issuance of general obligation bonds in the aggregate
principal amount not to exceed $4,495,000 (the "Street Portion"), pursuant to the Act,
including Section 475.58, subd. 3b,to finance the street reconstruction projects described
in the Plan(the"Street Project"), and related financing costs.
(b) Utility Revenue Bonds.
(i) The City is authorized by the Act and Minnesota Statutes,Chapter 444, as
amended("Chapter 444"),to issue general obligation utility revenue bonds to finance the
costs of improvements to the City's water utility systems.
(ii) Within the Intent Resolution, the Council also stated the intention of the
City to issue and sell general obligation bonds in the proposed principal amount of
$4,170,000 (the "Utility Portion"), pursuant to the Act and Chapter 444, to provide
financing for the construction of various improvements to the City's utility systems (the
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"Utility Project"), and related financing costs. The Street Project and the Utility Project
are sometimes hereinafter collectively referred to as the"Project."
(c) Pursuant to the Intent Resolution, the Council determined that the Street Portion
and the Utility Portion shall be issued together in a single series in the maximum aggregate principal
amount of$8,665,000(the`Bonds").The Council designated the Bonds as the"General Obligation
Bonds, Series 2025A."
(d) The City is authorized by Section 475.60, subdivision 2(9), of the Act to sell the
Bonds other than pursuant to a competitive sale because the City has retained Ehlers and
Associates,Inc,(the"Municipal Advisor")to serve as the City's independent municipal advisor in
connection with the sale of the Bonds. The actions of the City staff and the Municipal Advisor in
negotiating the sale of the Bonds are ratified and confirmed in all aspects.
1.02. Award to the Purchaser and Interest Rates. The proposal of Piper Sandler & Co. (the
"Purchaser"),to purchase the Bonds 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$8,548,270.98(par amount of$8,090,000,plus .
original issue premium of$520,459.65,less an underwriter's discount of$62,188.67),plus accrued interest,if
any,to the date of delivery for Bonds bearing interest as follows:
Year Interest Rate Year Interest Rate
2027 5.000% 2035 5.000%
2028 5.000% 2036 5.000%
2029 5.000% 2037 4.000%
2030 5.000% 2038 4.000%
2031 5.000% 2039 4.000%
2032 5.000% 2040 4.000%
2033 5.000% 2041 4.000%
2034 5.000%
True interest cost: 3.6885085%
1.03. Purchase Agreement. The execution and delivery of a proposal form, dated as of June
23,2025 (the"Purchase Agreement"),between the City and the Purchaser,is hereby ratified and confirmed in
the form set forth in EXHIBIT A to this resolution(the"Resolution"). The Bonds shall be issued and delivered
in accordance with the terms and conditions of the Purchase Agreement and this Resolution. The amount
proposed by the Purchaser in excess of the minimum bid, if any, shall be credited to the Debt Service Fund
hereinafter created or deposited in the Construction Fund hereinafter created, as determined by the Interim
Finance Director in consultation with the Municipal Advisor. The Municipal Advisor is directed to receive and
retain the good faith payment of the Purchaser in accordance with the terms of the Purchase Agreement,
pending completion of the sale of the Bonds. The Mayor and City Administrator are authorized and directed
to execute a contract with the Purchaser on behalf of the City.
1.04. Terms and Principal Amounts of the Bonds. The City will forthwith issue and sell the Bonds
pursuant to the Act, including Section 475.58, subd. 3b, and Chapter 444, in the original aggregate principal
amount of$8,090,000, originally dated July 14, 2025, 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:
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Year Amount Year Amount
2027 $375,000 2035 $560,000
2028 $395,000 2036 $590,000
2029 $415,000 2037 $615,000
2030 $435,000 2038 $640,000
2031 $460,000 2039 $665,000
2032 $485,000 2040 $695,000
2033 $510,000 2041 $720,000
2034 $530,000
(a) $4,195,000 of the Bonds, constituting the Street Portion,maturing on February 1 of
the years and in the amounts set forth below,will be used to finance the Street Project:
Year Amount Year Amount
2027 $195,000 2035 $290,000
2028 $205,000 2036 $305,000
2029 $215,000 2037 $320,000
2030 $225,000 2038 $330,000
2031 $240,000 2039 $345,000
2032 $250,000 2040 $360,000
2033 $265,000 2041 $375,000
2034 $275,000
(b) $3,895,000 of the Bonds, constituting the Utility Portion,maturing on February 1 of
the years and in the amounts set forth below,will be used to finance the Utility Project:
Year Amount Year Amount
2027 $180,000 2035 $270,000
2028 $190,000 2036 $285,000
2029 $200,000 2037 $295,000
2030 $210,000 2038 $310,000
2031 $220,000 2039 $320,000
2032 $235,000 2040 $335,000
2033 $245,000 2041 $345,000
2034 $255,000
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1.05. Schedule of Maturities. The schedule of maturities satisfies the requirements of
Section 475.54,subdivision 1 of the Act.
1.06. Optional Redemption. The City may elect on February 1,2035,and on any day thereafter to
prepay Bonds due on or after February 1,2036. 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 optional redemption,the City shall notify DTC(as defined in Section 7 hereof)of the particular amount of
such maturity to be prepaid. DTC shall detennine 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 shall be at a price of par plus accrued interest to the date of optional
redemption.
Section 2. Registration and Payment.
2.01. Registered Form. The Bonds shall 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 shall 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 shall 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 shall 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
February 1,2026, to the registered owners of record thereof as of the close of business on the fifteenth day
immediately preceding each interest payment date,whether or not such day is a business day.
2.03. Registration. The City shall appoint a bond registrar (the "Registrar"), authenticating agent
(the "Authenticating Agent"), and paying agent (the "Paying Agent"), Except as specifically provided
otherwise in Section 7 hereof,the effect of registration and the rights and duties of the City and the Registrar
with respect thereto are as follows:
(a) Re ister. The Registrar must keep at its principal corporate trust office a bond register
(the"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 shall 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.
(c) Exchange of Bonds. When Bonds are surrendered by the registered owner for
exchange the Registrar shall 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.
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(d) Cancellation. Bonds surrendered upon transfer or exchange shall 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 shall 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 a registered owner or upon the
owner's order shall 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 shall deliver a 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 any 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 evidence satisfactory to it that the Bond was destroyed, stolen, or
lost, and of the ownership thereof, and upon furnishing to the Registrar 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 shall 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 whole in
accordance with its terms it is not necessary to issue a new Bond prior to payment.
(i) Redemption. In the event any of the Bonds are called for redemption,notice thereof
identifying the Bonds to be redeemed shall be given by the Registrar by mailing a copy of the
redemption notice by first class mail (postage prepaid) to the registered owner of each Bond to be
redeemed at the address shown on the Bond Register and,if publication of the notice of redemption is
required by law,by publishing the notice of redemption as required by law. Failure to give notice by
publication or by mail to any registered owner,or any defect therein,shall not affect the validity of the
proceedings for the redemption of Bonds. Bonds so called for redemption shall cease to bear interest
after the specified redemption date,provided that the funds for the redemption are on deposit with the
place of payment at that time.
2.04. Appointment of Initial Registrar,Paying Agent and Authenticating Agent. The City appoints
Bond Trust Services Corporation, Minneapolis, Minnesota, as the initial Registrar, Paying Agent, and
Authenticating Agent with respect to the Bonds. The Mayor and the City Administrator are authorized to
execute and deliver, on behalf of the City, a contract with Bond Trust Services Corporation, as the initial
Registrar,Paying Agent, and Authenticating Agent with respect to the Bonds. Upon merger or consolidation
of the Registrar,Paying Agent,and Authenticating Agent 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,Paying Agent, and Authenticating Agent. The City agrees to pay the reasonable
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and customary charges of the Registrar, Paying Agent, and Authenticating Agent for the services performed.
The City reserves the right to remove the Registrar, Paying Agent, or Authenticating Agent upon thirty (30)
days' notice and upon the appointment of a successor Registrar, Paying Agent, or Authenticating Agent, in
which event the predecessor Registrar,Paying Agent,or Authenticating Agent must deliver all cash and Bonds
in its possession to the successor Registrar, Paying Agent, or Authenticating Agent and the Registrar must
deliver the Bond Register to the successor Registrar. On or before three(3)business days prior to each principal
or interest due date, without further order of the Council, the Interim Finance Director must transmit to the
Paying Agent money sufficient for the payment of all principal and interest then due.
2.05. Execution,Authentication,and Delivery. The Bonds shall be prepared under the direction of
the City Administrator 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 shall 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 shall 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 Authenticating Agent. Certificates of authentication on different
Bonds need not be signed by the same representative of the Authenticating Agent. 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 shall
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.
Section 3. Form of Bond.
3.01. Execution of the Bonds. The Bonds will be printed or typewritten in substantially the form
set forth in EXHIBIT B.
3.02. Approving Legal Opinion. The City Administrator is authorized and directed to obtain a
copy of the proposed approving legal opinion of Kennedy& Graven, Chartered,Minneapolis,Minnesota,
and cause the opinion to be printed on or accompany each Bond.
Section 4. Payment• Security;Funds;Pledges and Covenants.
4.01. Debt Service Fund. The Bonds will be payable from the General Obligation Bonds,
Series 2025A Debt Service Fund(the"Debt Service Fund")hereby created. The Debt Service Fund shall be
administered and maintained by the Interim Finance Director as a booldceeping account separate and apart from
all other funds maintained in the official financial records of the City. The City will maintain the following
accounts in the Debt Service Fund: the"Street Account," and the "Utility Account." Amounts in the Street
Account are irrevocably pledged to the Street Portion of the Bonds, and amounts in the Utility Account are
irrevocably pledged to the Utility Portion of the Bonds.
(a) Street Account. The proceeds of ad valorem taxes hereinafter levied to pay the debt
service on the Street Portion of the Bonds and capitalized interest financed from the proceeds of the
Bonds,if any,are hereby pledged to the Street Account of the Debt Service Fund. The amounts to be
applied to pay the principal of and interest on the Bonds shall be deposited in the Debt Service Fund
at least three(3)days prior to each respective interest payment date and principal payment date. 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.
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(b) Utility Account. The City will maintain the following subaccounts in the Utility
Account of the Debt Service Fund: the "Utility Net Revenues Subaccount" and the "Special
Assessments Subaccount."
(i) Utility Net Revenues Subaccount, The City will continue to maintain and
operate its utility fund(the"Utility Fund")to which will be credited all gross revenues from
the City's sewer, water and storm sewer utility systems (the "Utility Systems") and out of
which will be paid all normal and reasonable expenses of current operations of such systems.
Any balances remaining after payment of all normal and reasonable expenses of current
operations of the Utility Systems are deemed net revenues (the "Net Revenues"). Net
Revenues from the Utility Systems are hereby pledged to the Utility Account of the Debt
Service Fund.The amounts to be applied to pay the principal and interest on the Utility Portion
of the Bonds shall be deposited in the Utility Net Revenues Subaccount of the Debt Service
Fund at least three (3) business days prior to each respective interest payment date and
principal payment date. There will always be retained in the Utility Net Revenues
Subaccount of the Debt Service Fund a sufficient amount of Net Revenues to pay principal
of and interest on the Utility Portion of the Bonds, and the Interim Finance Director must
report any current or anticipated deficiency in the Utility Net Revenues Subaccount of the
Debt Service Fund to the Council. There is appropriated to the Utility Net Revenues
Subaccount of 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.
(ii) Special Assessments Subaccount. Special assessments levied or to be
levied against the property specially benefited by the Utility Project (the "Assessments")
for the payment of debt service on the Utility Portion of the Bonds are hereby pledged to
the Utility Account of the Debt Service Fund. The amounts to be applied to pay the
principal of and interest on the Utility Portion of the Bonds shall be deposited in the Special
Assessments Subaccount of the Debt Service Fund at least three(3)business days prior to
each respective interest payment date and principal payment date. There is appropriated
to the Special Assessments Subaccount of 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. Construction Fund. The City hereby creates the General Obligation Bonds, Series 2025A
Construction Fund (the "Construction Fund"). The City will maintain the following accounts in the
Construction Fund: the"Street Account"and the"Utility Account."
(a) Street Account. Proceeds of the Street Portion of the Bonds (reduced by the
appropriation made in accordance with Section 5.04 to pay costs of issuance and the appropriation,if
any, of any portion of the Street Portion of the Bonds made in accordance with Section 4.01 hereof)
shall be deposited in the Street Account of the Construction Fund and used solely to pay costs of the
Street Project.Any balance remaining in the Street Account of the Construction Fund after completion
of the Street Project may be used for any other public use authorized by law and approved by resolution
adopted or vote taken in the manner required to authorize the application of the proceeds of the Street
Portion of the Bonds for such new use and purpose, or credited to the Street Account of the Debt
Service Fund or other City debt service fund,all in accordance with Section 475.65 of the Act.
(b) Utility Account. Proceeds of the Utility Portion of the Bonds (reduced by the
appropriation made in accordance with Section 5.04 to pay costs of issuance and the appropriation,if
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any, of any portion of the Utility Portion of the Bonds made in accordance with Section 4.01 hereof),
shall be deposited in the Utility Account of the Construction Fund to be used solely to pay costs of the
Utility Project. Any balance remaining in the Utility Account-of the Construction Fund after -
completion of the Utility Project may be used for any other public use authorized by law and approved
by resolution adopted or vote taken in the manner required to authorize the application of the proceeds
of the Utility Portion of the Bonds for such new use and purpose,or credited to the Utility Account of
the Debt Service Fund or other City debt service fund, all in accordance with Section 475.65 of the
Act.
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 and credit and taxing powers of the City
are hereby irrevocably pledged. If a payment of principal of or interest on the Bonds becomes due when
there is not sufficient money in the Debt Service Fund to pay the same,the Interim Finance Director must
pay such principal or interest from the general fund of the City, and the general fund shall be reimbursed
for those advances out of the proceeds of the Taxes (as hereinafter defined) levied herein,when collected.
4.04. Pledge of Taxes.
(a) Street Portion. For the purpose of paying the principal of and interest on the Street
Portion of the Bonds,there are levied direct, annual, irrepealable, ad valorem taxes upon all of the
taxable property in the City(the"Taxes"),to be spread upon the tax rolls and collected with and as
part of other general taxes of the City. The Taxes shall be credited to the Street Account of the Debt
Service Fund above provided and shall be levied in the years and amounts set forth in EXHIBIT C
attached to this Resolution and, in the event the Taxes so levied are ever insufficient to pay the
principal of and interest on the Bonds, additional taxes are hereby authorized to be levied without
limitation as to rate or amount. Said tax levies shall be irrevocable as long as any of the Street
Portion of the Bonds are outstanding and unpaid,provided that the City reserves the right and power
to reduce the levies in the manner and to the extent permitted by the Act (specifically,
Section 475.61 of the Act).
(b) Utility Portion. It is determined that the Assessments and the Net Revenues from
the Utility Systems shall produce at least five percent(5%)in excess of the amount needed to meet
when due the principal and interest on the Utility Portion of the Bonds and that no ad valorem tax
levy is needed at this time. In the event of any deficiency of Assessments or Net Revenues pledged,
additional taxes shall be levied on all taxable property in the City, which taxes may be levied
without limitation as to rate or amount. Said tax levies shall be irrevocable as long as any of the
Utility Portion of the Bonds are outstanding and unpaid, provided that the City reserves the right
and power to reduce the levies in the manner and to the extent permitted by the Act (specifically,
Section 475.61 of the Act).
4.05. City Covenants with Respect to the Pledge of Net Revenues to the Utility Portion of the
Bonds. The Council covenants and agrees with the holders of the Bonds that so long as any of the Utility
Portion of the Bonds remain outstanding and unpaid, it will keep and enforce the following covenants and
agreements:
(a) The City will continue to maintain and efficiently operate the Utility Systems as
public utilities and conveniences free from competition of other like municipal utilities and will
cause all revenues therefrom to be deposited in bank accounts and credited to the Utility Fund, as
hereinabove provided, and will make no expenditures from those accounts except for a duly
authorized purpose and in accordance with this Resolution.
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(b) The City will also maintain the Utility Account of the Debt Service Fund as a
separate account and will cause money to be credited thereto from time to time,out of Net Revenues
from the Utility Systems in sums sufficient to pay principal of and interest on the Utility Portion of
the Bonds when due.
(c) The City will keep and maintain proper and adequate books of records and
accounts separate from all other records of the City in which will be complete and correct entries
as to all transactions relating to the Utility Systems and which will be open to inspection and copying
by any Bondholder, or the Bondholder's agent or attorney, at any reasonable time, and it will
furnish certified transcripts therefrom upon request and upon payment of a reasonable fee therefor,
and said account will be audited at least annually by a qualified public accountant and statements
of such audit and report will be furnished to all Bondholders upon request.
(d) The Council will cause persons handling revenues of the Utility Systems to be
bonded in reasonable amounts for the protection of the City and the Bondholders and will cause
the funds collected on account of the operations of such systems to be deposited in a bank whose
deposits are guaranteed under the Federal Deposit Insurance Law.
(e) The Council will keep the Utility Systems insured at all times against loss by fire,
tornado and other risks customarily insured against with an insurer or insurers in good standing,in
such amounts as are customary for like plants, to protect the holders, from time to time, of the
Bonds and the City from any loss due to any such casualty and will apply the proceeds of such
insurance to make good any such loss.
(f) The City and each and all of its officers will punctually perform all duties with
reference to the Utility Systems as required by law.
(g) The City will impose and collect charges of the nature authorized by Chapter 444,
specifically Minnesota Statutes, Section 444.075, at the times and in the amounts required to
produce Net Revenues adequate to pay all principal and interest when due on the Utility Portion of
the Bonds and to create and maintain such reserves securing said payments as may be provided
herein.
(h) The Council will levy general ad valorem taxes on all taxable property in the City
when required to meet any deficiency in Net Revenues.
4.06. City Covenants with Respect to the Pledge of Special Assessments to the Utility Portion
of the Bonds. It is hereby determined that the Utility Project will directly and indirectly benefit certain
abutting and other benefited property in the City, and the City hereby covenants with the holders from time
to time of the Utility Portion of the Bonds as follows:
(a) The City has caused or will cause the Assessments for the Street Project to be
promptly levied so that the first installment will be collectible not later than 2025 and will take all
steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized.
The Council will cause to be taken with due diligence all further actions that are required for the
construction of the Utility Project financed wholly or partly from the proceeds of the Utility Portion
of the Bonds, and will take all further actions necessary for the final and valid levy of the
Assessments and the appropriation of any other funds needed to pay the Utility Portion of the
Bonds and interest thereon when due.
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(b) In the event of any current or anticipated deficiency in the Assessments, the
Council will levy additional ad valorem taxes in the amount of the current or anticipated deficiency.
(c) The City will keep complete and accurate books and records showing; receipts
and disbursements in connection with the Utility Project, Assessments and the ad valorem taxes
levied therefor and other funds appropriated for thew payment, collections thereof and
disbursements therefrom,monies on hand and,the balance of unpaid Assessments.
(d) The City will cause its books and records to be audited at least annually and will
furnish copies of such audit reports to any interested person upon request.
(e) At least 20%of the cost to the City of the Utility Project described herein has been
or will be specially assessed against benefited properties.
4.07. Debt Service Coverage. It is determined that the estimated collection of Taxes and Net
Revenues herein pledged shall produce at least five percent(5%)in excess of the amount needed to meet when
due the principal and interest payments on the Bonds. The tax levies herein provided shall be irrepealable until
all of the Bonds are paid, provided that at the time the City makes its annual tax levies the Interim Finance
Director may certify to the County Auditor-Treasurer of Anoka County, Minnesota (the "County Auditor")
that the City made an irrevocable appropriation of a specified amount to the Debt Service Fund of money
actually on hand or if there is on hand any excess amount in the Debt Service Fund and the County Auditor
shall reduce by the amount so certified the amount otherwise to be included in the rolls next thereafter prepared.
4.08. Registration of Resolution. The Interim Finance Director is authorized and directed to file a
certified copy of this Resolution with the County Auditor and to obtain the certificate required by
Section 475.63 of the Act.
Section 5. Authentication of Transcript.
5.01. 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, shall be deemed representations of the
City as to the facts stated therein.
5.02. Certification as to Official Statement. The Mayor, the City Administrator and the Interim
Finance Director, or any of their authorized designees, are authorized and directed to certify that they have
examined the final 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 final Official Statement is a complete and accurate
representation of the facts and representations made therein as of the date of the final Official Statement and
further that said final Official Statement did not(as of the date of the final Official Statement) and does not
contain any untrue statement of a material fact or omit to state a material fact which should be included therein
for the purpose for which the final Official Statement is to be used,or which is necessary in order to make the
statements made therein,in light of the circumstances under which they are made,not misleading.
11
5.03. Other Certificates. The Mayor, the City Administrator and the Interim Finance Director,
or any of their authorized designees, 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 Interim Finance Director shall also execute and deliver
to the Purchaser a suitable certificate as to absence of material litigation, and the Interim Finance Director
shall also execute and deliver a certificate as to payment for and delivery of the Bonds.
5.04. Payment of Costs of Issuance. The City authorizes the Purchaser to forward the amount of
Bond proceeds allocable to the payment of issuance expenses to Wells Fargo Bank,National Association on
the closing date for further distribution as directed by the Municipal Advisor.
5.05. Electronic Signatures. The electronic signatures of the Mayor,the City Administrator and the
Interim Finance Director, or any of their authorized designees, to this Resolution and any document or
certificate authorized to be executed hereunder shall be as valid as an original signature of such party and shall
be effective to bind the City thereto. For purposes hereof, (i)"electronic signature" means: (a) a manually
signed original signature that is then transmitted by electronic means or (b) a signature obtained through
DocuSign or Adobe or a similarly digitally auditable signature gathering process; and (ii)"transmitted by
electronic means"means sent in the form of a facsimile or sent via the internet as a portable document format
("pdf')or other replicating image attached to an electronic mail or internet message.
Section 6. Tax Covenants.
6.01. Tax-Exempt Bonds. The City shall comply with all the necessary requirements and take all
necessary actions (or decline to take prohibited actions) to ensure that interest on the Bonds shall not be
includable in gross income for federal income tax purposes under Section 103 and Sections 141 through 150
of the Internal Revenue Code of 1986, as amended (the "Code"), and applicable Treasury Regulations
promulgated thereunder(the"Regulations"). The City covenants and agrees with the holders from time to time
of the Bonds that it shall not take or permit to be taken by any of its officers, employees, or agents any action
which would cause the interest on the Bonds to become subject to federal income taxation under the Code and
the Regulations, in effect at the time of such actions, and that it shall take or cause its officers, employees, or
agents to take all affirmative action within their powers that may be necessary to ensure that such interest shall
not become includable in gross income for federal income tax purposes under the Code and applicable
Regulations,as presently existing or as hereafter amended and made applicable to the Bonds.
6.02. Continuing Requirements. The City shall comply with all requirements necessary under
the Code and Regulations to establish and maintain the exclusion from gross income of the interest on the
Bonds under Sections 103 and 141-150 of the Code and applicable Regulations including, without
limitation, requirements relating to temporary periods for investments, limitations on amounts invested at
a yield greater than the yield on the Bonds, and the rebate of excess investment earnings to the United
States. The Mayor and the City Administrator,being officers of the City charged with the responsibility for
issuing the Bonds pursuant to this Resolution, are authorized and directed to execute and deliver to the
Purchaser a certificate in accordance with the provisions of Section 148 of the Code and applicable
Regulations stating the facts, estimates, and circumstances in existence on the date of issue and delivery of
the Bonds which make it reasonable to expect that the"gross proceeds" of the Bonds will not be used in a
manner that would cause the Bonds to be "arbitrage bonds" within the meaning of the Code and the
Regulations. The City covenants and agrees to retain such records, make such determinations, file such
reports and documents, and pay such amounts at such times as are required under Section 148(f) and
applicable Regulations to preserve the exclusion of interest on the Bonds from gross income for federal
income tax purposes,unless the Bonds qualify for an exception from the rebate requirement in accordance
with one of the spending exceptions set forth in Section 1.148-7 or Section 1.148-8 of the Regulations.
12
The City shall use its best efforts to comply with any federal procedural requirements which may apply in
order to effectuate the designations and covenants made by this section.
6.03. Rebate. The City will comply with requirements necessary under the Code to establish and
maintain the exclusion from gross income of the interest on the Bonds under Section 103 of the Code,including
without limitation requirements relating to temporary periods for investments,limitations on amounts invested
at a yield greater than the yield on the Bonds,and the rebate of excess investment earnings to the United States
unless the Bonds qualify for an exception to the rebate requirement under the Code and Regulations.
6.04. Not Private Activily Bonds. The City fin they covenants not to use 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 determined
to constitute"private activity bonds,"within the meaning of Sections 103 and 141 through 150 of the Code and
the applicable Regulations promulgated thereunder.
6.05. Qualified Tax-Exempt Obligations. In order to qualify the Bonds as"qualified tax-exempt
obligations" within the meaning of Section 265(b)(3) 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 City designates the Bonds as "qualified tax-exempt obligations"for purposes of
Section 265(b)(3)of the Code;
(c) the reasonably anticipated amount of tax-exempt obligations (other than private
activity bonds that are not qualified 501(c)(3) bonds) which will be issued by the City (and all
subordinate entities of the City)during calendar year 2025 will not exceed$10,000,000;and
(d) not more than $10,000,000 of obligations issued by the City during calendar year
2025 have been designated for purposes of Section 265(b)(3)of the Code.
Section 7. Book-Entry System;Limited Obligation of City.
7.01. DTC. The Bonds shall 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 shall 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 shall be registered in the Bond
Register in the name of Cede& Co.,as nominee of DTC.
7.02. Participants. With respect to Bonds registered in the Bond Register in the name of Cede &
Co.,as nominee of DTC,the City,the Registrar,and the Paying Agent shall 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 Bond
Register as the holder and absolute owner of such Bond for the purpose of payment of principal,premium and
13
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 shall 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 shall be valid and effectual to fully satisfy 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 Bond Register, shall 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."shall refer to such new nominee of DTC; and upon receipt of such a notice,the City
Administrator shall 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 shall 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-EDby System, In the event the City, by resolution of the 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 shall notify DTC, whereupon DTC shall notify the Participants, of the
availability through DTC of Bond certificates. In such event the City shall 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 shall issue and the Registrar shall authenticate
Bond certificates in accordance with this resolution and the provisions hereof shall 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 all notices with respect to the Bond shall 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. For purposes of this Section, "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. Chy Compliance with Provisions of Continuing Disclosure Certificate. The City hereby
covenants and agrees to 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.
14
Section 9. Defeasance. When all of the 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 shall cease,except that the pledge of the full faith and credit of the City for the prompt and full payment
of the principal of and interest on the Bonds shall 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.
(The remainder of this page is intentionally left blank).
15
The motion for the adoption of the foregoing resolution was duly seconded by Member
IS�r Oe—S`Z ,and upon vote being taken thereon,the following voted in favor thereof:
Lys , ov.^d, caQ°e��\r%.
and the following voted against the same: tQCWC
whereupon said resolution was declared duly passed and adopted.
16
EXHIBIT A
PURCHASE AGREEMENT
PROPOSALFORM
The City Council June 23,202S
City of Lino Lakes,bhune%*tx(the"City")
RE, W6%000*Getherat Obligation Bonds,Stries 202-SA(the"Bonds")
DATED. July 14,201US
Forall or none oftbe above B=&,in ucar&zsce with the Tenn of Proposal and term ofthe Gtobal Book-Entry Syattm(wiless C&M%ise
Y;ocifiedby tb*P=h&sw)as Swedish tbb Official Stitecowt,vk e wal ply you$—
. _9159,899V
interest to&**(dehxwy for My registered Bands beating interest rates and twturing in the stated years as follows-
$Ao %fte 2027 5,C0 todue 2032 4,00 14 due 2037
SM Soothe 2019 5.00 14 due 2031 4.00 %due 2038
5.00 Sidne2tt29 5.00 04 date 2014 440 %dw 2019
SM %due MO 5,00 %due 2015 4,00 %dw 2w
S.Co due 2s131 5.00 %due 2016 4w 114due 2041
Increases
ordecreases=ybe made imoxrymstwity.if-achyprincip,31 anhottats m Austed,the purchase ceprispos; vk*be3 to pa ed Amud mazagallse
The roeterany maturityway not be were than L001h less than the rate for any prtcedingmalurify-(For txunpk.ita rare*f4.*q*
jSpr0pVAdfQrth&2427 11112tilrity,thiRWIDWelt rate dW maybe proposed for any btermahwityis2..%4b.)Bomd oftbes=emm3rity
mustbmint,trmt from&V*ofismethadl paid at a sinee,uniform rate.Each rate ashm
lav
Agood bithftwit('Wqmit")in the2mematof$173,300shallbe made by thewithasingbidderbywire transferaffthads'SucleDvosit
sh3BbevecdvhtdbyEb1m no later than tm hows aittrthe proposal opening time.Virthre triaittrinAmtionivnMbepr*YWL*dtotht
wbuiuZbiddtrbyEbUn:&Rertktt2bobfionefproponL 7be City resenTs the kor to 3wwdtke Evads to aummusig-bifterwbosewive
smh timeprovidedthat suchnimmug Uddefs federal vvirerefwez:t numberhubmwenvdbywc]a
fine. ibe City mayawazd the Boads
pros` es to schchmud,7be Depnitwillberetained by the Qty isliquibteddamaps ifthepropovdis 2cceptedand the
Purchaser bBi to ,We epee to the cothditiow 3addaties of Ehlers s;odAssonxe%1x,.0 exrowbradfrofthe Depair,
parwat to Clie To=of Pzqpm&7b?Dqmtwdl be dexhiaed from the purchase price at tbecDoswag for ties Bood&.Thapaposal is for
pro=pt ozoep=e zodis c dehwy ofs3idEoz&to Mae DepositoryTrustComphavy,New Yak New Yock,in xccrd=e
vdtx&eTk=afP:vpmo1,DtDkiuvii anticipated Lobe caoratcmtkly 14,12025.
Miks Feepmal n sdiect to da Qr$Ps agreenow to emw sato a vkntten undhutaknal to provide cote awn;div:lame umr)w We 130-12
promoLghted by th a Stct:rLdn=t Etclazage Commis,-don uodm the Secmiti es Exchm;t Act of 1934 as described im tit Prditzhimm),Offidal
We Is"re cd rel aad x WL LEN el 01*Offixial St ata neM w d 3my addenda lltewo,3ad have m1accitte d chat rezpats fez ad&Wpm 30 a:ftsmuou
cc ccractious;to Qe Rho a Off5vag Su N nbent.As Um&mn ter(Syndic a it N Ev U"Fft to pm-X&dhe Ctrf w&the recEeriag FiCe of
This prcposg h a fmcZerfartbe Fartkase cItUBoaxis idechtified iathe Tam offtopoW,oat*==w fi:;&*MtU%ptapo%al k=szd
tie Te=of jal,*ad a wt swljw to any cma6am,e=apt as permitted by the Temns of Propor 9,
sutmatbg on ymprSal,UT COME=eat vre we muz6awriter=4 have an emblished Wmthry rep=tian,far=&warkig thew kwhosces
wstlbt cwtImb.Accord wowconpul2tiom(the correctcompachtionbeta;coaamMky the tatotst
and
The he ti accepudby sadMfthe City Council of the City of Lino Lak,*�IL=ewu,,cm Trent21�,M-5,
BY:
Title: QA.ate Titles
Sutioqutal to bid opening the issue sine wn decrened to$9,090,000.
Adjusted Price:SS,54,270,9S Adjusted,Nel Inttmt Cost$2,945,130.55 Adjusta TIC-1ASSS!i
B-1
EXHIBIT B
FORM OF BOND
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
GENERAL OBLIGATION BONDS
SERIES 2025A
No.R $
Interest Rate Maturity Date Date of Original Issue CUSIP
0.000% February 1,20_ June_, 2025
REGISTERED OWNER: CEDE&CO.
PRINCIPAL AMOUNT: THOUSAND DOLLARS
The City of Lino Lakes, 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 Amount specified above, on
the Maturity Date specified above, with interest thereon from the date hereof at the annual rate specified
above(calculated on the basis of a 360 day year of twelve 30 day months),payable February 1 and August I
in each year, commencing February 1,2026, 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 Bond Trust Services Corporation,Minneapolis,
Minnesota, as Bond Registrar,Paying 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 City may elect on February 1,2035,and on any day thereafter to prepay Bonds due on or after
February 1,2036. 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
City shall 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 shall then select by lot the beneficial ownership interests in such maturity to
be redeemed. Prepayments shall be at a price of par plus accrued interest to the date of optional redemption.
B-2
This Bond is one of an issue in the aggregate principal amount of$8,090,000 all of like original
issue date and tenor, except as to number,maturity date,redemption privilege, and interest rate, all issued
pursuant to a resolution adopted by the City Council on June 23, 2025 (the"Resolution"),for the purpose
of providing money to aid in financing (i) certain street reconstruction improvements; and (ii)
improvements to utility systems, pursuant to and in full conformity with the Constitution and laws of the
State of Minnesota,including Minnesota Statutes,Chapters 444 and 475,as,amended,including Minnesota
Statutes,475.58,subdivision. 3b, as amended. The principal hereof and interest hereon are payable in part
from net revenues of the utility systems of the City,in part from special assessments levied against property
special benefited by the utility system improvements, in part from ad valorem taxes, 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 additional ad valorem taxes on all taxable property in the City in the event of any
deficiency in net revenues, special assessments and ad valorem taxes pledged,which additional 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.
The City has designated the issue of Bonds of which this Bond forms a part as"qualified tax-exempt
obligations"within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended
(the "Code"), relating to the disallowance of interest expense for financial institutions and within the
$10 million limit allowed by the Code for the calendar year of issue.
IT IS HEREBY CERTIFIED AND RECITED that in and by the Resolution, the City has
covenanted and agreed that it will continue to own and operate the sewer system,water system, and storm
sewer system free from competition by other like municipal utilities; that adequate insurance on said
systems and suitable fidelity bonds on employees will be carried;that proper and adequate books of account
will be kept showing all receipts and disbursements relating to the Sewer Fund, the Water Fund, and the
Storm Sewer Fund, into which it will pay all of the gross revenues from the sewer system,water system,
and storm sewer system, respectively; that it will also create and maintain a Utility Account within the
General Obligation Bonds, Series 2025A Debt Service Fund, into which it will pay out of the special
assessments and net revenues from the utility systems a sum sufficient to pay when due the principal of
and interest on the Utility Portion of the Bonds (as defined in the Resolution); and that it will provide, by
ad valorem tax levies, for any deficiency in required net revenues of the utility systems.
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.
B-3
IT IS HEREBY CERTIFIED,RECITED,COVENANTED AND AGREED that all acts,conditions
and things required by the home rule charter of the City 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, charter, or statutory
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.
B-4
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; July 14,2025
CITY OF LINO LAKES,MINNESOTA
(Facsimile) (Facsimile)
Mayor City Administrator
CERTIFICATE OF AUTHENTICATION
This is one of the Bonds delivered pursuant to the Resolution mentioned within.
BOND TRUST SERVICES CORPORATION
By
Authorized Representative
B-5
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: 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.
Signature Guaranteed:
NOTICE: Signature(s)must be guaranteed by a financial institution that is a member ofthe Securities Transfer
Agent Medallion Program ("STAMP"), the Stock Exchange Medallion Program ("SEMP"), the 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, STEMP, SEMP or MSP, all in
accordance with the Securities Exchange Act of 1934, as amended.
The Registrar will not transfer 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 federal identification or other
identifying number of assignee
B-6
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 Registered Owner Signature of Officer of Registrar
Cede&Co.
July 14, 2025 Federal ID#13-2555119
B-7
EXHIBIT C
TAX LEVY SCHEDULE
City of Lino Lakes, Minnesota
$4,195,000 General Obligation Bonds,Series 2025A
Street Reconstruction
Tax Levy Schedule
Tax Tax Bond
Levy Collect Pay Available City
Year Year Year Total PA Funds Net New DIS P&1 @105-1. Net Levy
N24 2025 2026 105,312.92 (101,31192)
2023 2026 2027 357,450.00 406.622.50 406,$22.50
2026 2027 202E 3S?'%')0-00 w,-,mm 407,00.00 407,035.00
Z027 2025 2029 337.430.00 4064,2s0 40022J0
102E 2029 2030 3S6,%,-0-00 M,70= 44,035,00 406,05.00
2030 2031 390,450.00 jg�k�4!A.CO 4OP72.50 409,97150
2031 2032 M.450.01) 3$MT.00 407172.50 407,$7230
1011 2032 2033 390;934-0rj m,95,D.c0 410,497.50 410,07.50
I'M 203 2034 3V,1VO60 WV"O'ca 407,M,00 407,03.00
1033 2034 2035 M-9500 mmm 4M.397.50 405.397.50
M34 203-5 2036 30,450-00 40922,50
2033 20345 2037 3s9'2com 403,660-00
1036 2037 2038 336,400-00 3K40-m 405.720.00 W,72040
1037 2035 2039 3SS,1C3-O* 3SS.,Mm 407,410.00 407,610.00
2039 2040 30,46Qs.0O M,4W.03 40,810M 0S.S7040
2039 2040 2041 39594,0.00 -40-40-00 --MMO-00-
Tote/ - s"933,76.-I.- (1,15.31m) $5,823,AZO.46 J 56,119"572s0 56,119,5"n'.60
Bond Data
Dma Do. 731412035
CaU Dait
C-1
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,Anoka
County,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 June 23,2025 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 Bonds, Series 2025A,in the original
aggregate principal amount of$8,090,000.
WITNESS My hand officially as such Clerk this rQT3_I day of June, 2025.
City Clerk
City of Lino Lakes,Anoka County,Minnesota