HomeMy WebLinkAbout2009-097 Council Resolution•
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112-4 oi
Extract of Minutes of Meeting of the
City Council of the City of Lino Lakes
Anoka County, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Lino Lakes, Minnesota, was duly held in the City Hall in the City of Lino Lakes on Monday,
November 9, 2009, commencing at 6:30 P.M.
The following members were present: Jeffrey O'Donnell, Jeff Reinert, John Bergeson
and Kathi Gallup
and the following were absent: None
* * *
The Mayor announced that the next item of business was the consideration of a proposal
for the sale of the $4,260,000 General Obligation Improvement Note of 2009 of the City.
Councilmember O'Donnell introduced the following written resolution, the reading of which was
dispensed with by unanimous consent, and moved its adoption:
RESOLUTION NO. 09-97
A RESOLUTION AWARDING THE SALE OF $4,260,000
GENERAL OBLIGATION IMPROVEMENT
NOTE OF 2009
FIXING ITS FORM AND SPECIFICATIONS;
DIRECTING ITS ISSUANCE AND DELIVERY;
AND PROVIDING FOR ITS PAYMENT
BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County,
• Minnesota (the "City ") as follows:
359834v3 SJB LN140 -103
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• Section 1. Background: Findings.
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1.01. It is hereby determined that:
(a) the City and Anoka County (the "County ") have entered into that certain Joint
Powers Agreement for the Reconstruction of County State Aid Highway 14 (Main Street) and I-
35E Interchange, County Project No. S.P. 02- 614 -28 (the "Joint Powers Agreement "), regarding
reconstruction of the interchange between County State Aid Highway 14 and Interstate 35 -E (the
"Project ");
(b) under the Joint Powers Agreement, the County will construct and pay for a
portion of the cost of the Project, and the City will pay a portion of the cost of the Project;
(c) the City has determined to finance a portion of its share of the Project cost
through special assessments levied against property in the City benefiting from the Project, and
to that end has duly ordered the Project in accordance with all procedures under Minnesota
Statutes, Chapter 429 (the "Improvement Act') and the City Charter;
(d) under the Joint Powers Agreement, the City has agreed to finance the remaining
balance of the City's share of the Project ($4,221,000), together with interest and service charges
accrued by the County to carry the City's debt, through issuance by the City, and purchase by the
County, of the City's $4,260,000 General Obligation Improvement Note (the "Note ");
(e) the County will finance a portion of the County's cost of the Project through
issuance of the County's $6,850,000 General Obligation Bonds, Series 2009F, of which bonds
$4,260,000 in principal amount represents the City's share of the cost of the Project (such City
portion hereafter referred to as the "County Bonds ");
(e) the City is authorized by Minnesota Statutes, Section 475.60, subdivision 2(9) to
negotiate the sale of the Note, it being determined that the City has retained an independent
financial advisor in connection with issuance of the Note and has determined that the Note shall
be issued to the County by private negotiation in accordance with the Joint Powers Agreement.
The actions of the City staff and in negotiating the sale of the Note is ratified and confirmed in
all aspects.
Section 2. Sale of Note.
2.01. Issuance. The City will forthwith issue the Note pursuant to the Improvement Act
and the City Charter to the County in the total principal amount of $4,260,000. The Note is
issued to the County in consideration of the County's obligation under the Joint Powers
Agreement to construct the Project; the Note evidences the City's obligation to pay to the County
the City's share of the cost of the Project in accordance with the Joint Powers Agreement.
2.02. Terms. The Note shall be in fully registered form without interest coupons, in the
denomination of the par amount, dated as of the date of issue of the County Bonds, bear interest
359834v3 SJB LN140 -103
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at the same rate as the interest on the County Bonds, and shall be payable on the dates and in the
amounts set forth in the form attached hereto as Exhibit A, with such amendments thereto as
shall be deemed desirable or necessary by the Mayor and Acting City Administrator as
evidenced by their execution thereof.
2.03. Optional Redemption. The City may elect on any date to prepay the Note in
whole or in part. If in part, prepayments will be applied in reverse order of the principal
installment amounts due on the Note. The prepayment amount will be the outstanding principal
amount of the County Bonds then outstanding, together with accrued interest to the date of
redemption. For any installment amount or portion thereof that is prepaid under this Section, the
"County Fee" shown in the payment schedule attached to the Note (or allocable portion thereof,
if only a portion of an installment is prepaid) is not paid, and the prepayment amount is only the
sum described above.
2.04. Mandatory Redemption. A portion of the assessments for the Project levied
against benefited properties are expected to be deferred under various provisions of Minnesota
law (referred to as "Deferred Assessments "). If the City receives pre - payments of any such
Deferred Assessments, the City shall apply such prepayments toward redemption of the Note in
accordance with the terms of Section 2.03 hereof.
Section 3. Registrations.
3.01. Registered Form. The Note will be issued as a single typewritten note only in
fully registered form. The interest thereon and, upon surrender of the Note, the principal amount
thereof, will be payable by check or draft issued by the Registrar described herein.
3.02. Registration. The City appoints the City Finance Director as note registrar (the
"Registrar "). The effect of registration and the rights and duties of the City and the Registrar
with respect thereto will be as follows:
(a) Register. The Registrar will keep a note register in which the Registrar
will provide for the registration of ownership of Note and the registration of transfers and
exchanges of Note entitled to be registered, transferred or exchanged.
(b) Transfer of Note. Upon surrender for transfer of the Note duly endorsed
by the registered owner thereof or accompanied by a written instrument of transfer, in
form satisfactory to the Registrar, duly executed by the registered owner thereof or by an
attorney duly authorized by the registered owner in writing, the Registrar will deliver, in
the name of the designated transferee or transferees, one or more new Note 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 Note. Whenever the Note is surrendered by the registered
owner for exchange the Registrar will deliver a new Note of a like aggregate principal
amount and maturity as requested by the registered owner or the owner's attorney in
writing.
359834v3 SJB LN140 -103
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(d) Cancellation. The Note surrendered upon transfer or exchange will be
promptly cancelled by the Registrar and thereafter disposed of as directed by the City.
(e) Improper or Unauthorized Transfer. When the Note is presented to the
Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that
the endorsement on such Note or separate instrument of transfer is valid and genuine and
that the requested transfer is legally authorized. The Registrar will incur no liability for
the refusal, in good faith, to make transfers which it, in its judgment, deems improper or
unauthorized.
(f) Persons Deemed Owners. The City and the Registrar may treat the person
in whose name any Note is at any time registered in the note register as the absolute
owner of such Note, whether such Note will be overdue or not, for the purpose of
receiving payment of, or on account of, the principal of and interest on such Note and for
all other purposes, and all such payments so made to any such registered owner or upon
the owner's order will be valid and effectual to satisfy and discharge the liability upon the
Note 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 every transfer or exchange of the Note sufficient to reimburse the
Registrar for any tax, fee or other governmental charge required to be paid with respect to
such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Notes. In case the Note becomes
mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Note of like
amount, number, maturity date and tenor in exchange and substitution for and upon
cancellation of any such mutilated Note or in lieu of and in substitution for any such Note
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 Note destroyed, stolen or lost,
upon filing with the Registrar of evidence satisfactory to it that such Note was destroyed,
stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar an
appropriate note or indemnity in form, substance and amount satisfactory to it, in which
both the City and the Registrar will be named as obligees. The Note so surrendered to the
Registrar will be cancelled by it and evidence of such cancellation will be given to the
City. If the mutilated, destroyed, stolen or lost Note has already matured or been called
for redemption in accordance with its terms it will not be necessary to issue a new Note
prior to payment.
(i) Redemption. In the event the Note is called for redemption, notice thereof
identifying the Notes to be redeemed will be given by the Registrar by mailing a copy of
the redemption notice by first class mail (postage prepaid) not more than 60 and not less
than 30 days prior to the date fixed for redemption] to the registered owner of the Note to
be redeemed at the address shown on the registration books kept by the Registrar and by
publishing the notice if required by law. Failure to give notice by publication or by mail
to any registered owner, or any defect therein, will not affect the validity of the
359834v3 SJB LN140 -103
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proceedings for the redemption of Note. The Note so called for redemption will 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.
3.04. Execution and Delivery. The Note will be prepared under the direction of the
Acting City Administrator and will be executed on behalf of the City by the signatures of the
Mayor and the Acting City Administrator. In case any officer whose signature or a facsimile of
whose signature appears on the Note will cease to be such officer before the delivery of the Note,
such signature will nevertheless be valid and sufficient for all purposes, the same as if the officer
had remained in office until delivery. When the Note has been so prepared and executed the
Acting City Administrator will deliver the same to the County.
Section 4. Payment: Security.
4.01. Debt Service Fund; Pledges. The Note will be payable from the General
Obligation Improvement Note of 2009 Debt Service Fund (the "Debt Service Fund ") hereby
created, and the proceeds of special assessments (the "Assessments ") levied or to be levied for
the Project described in Section 1.01 are hereby pledged to the Debt Service Fund. There is also
appropriated to the Debt Service Fund, from outside finding sources other than the City general
fund (within the meaning of Section 8.04, subdivision 2 of the City Charter), capitalized interest
in the amount of $175,280, representing the amount necessary to pay the Note interest payments
due on August 1, 2010, February 1, 2011 and the County fee payable on August 1, 2010. For the
prompt and full payment of the principal, interest and County fee on the Note, as the same
respectively become due, the full faith, credit and taxing powers of the City shall be and are
hereby irrevocably pledged. If a payment of principal, interest or County fee on the Note
becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the
Finance Director will pay such principal, interest or County fee from the general fund of the
City, and the general fund may be reimbursed for those advances out of the proceeds of
Assessments when collected.
4.02. Filing. The Acting City Administrator is directed to file a certified copy of this
resolution with the Manager of Property Records and Taxation of Anoka and obtain the
certificate required by Minnesota Statutes, Section 475.63.
4.03. No Tax Levy Required. It is hereby determined that the estimated collections of
Assessments and interest thereon for payment of principal and interest on the Note will produce
at least five percent in excess of the amount needed to pay when due, the principal, interest and
County fee payments on the Note and that no tax levy is needed at this time.
4.04. Covenants Regarding Assessments. It is hereby determined that the Project to be
financed by the Note will directly and indirectly benefit the abutting property, and the City
covenants with the holders from time to time of the Note as follows:
(a) The City has caused or will cause the Assessments for the Project to be
promptly levied so that the first installment will be collectible not later than 2011 and will
take all steps necessary to assure prompt collection, and the levy of the Assessments is
359834v3 SJB LN140 -103
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hereby authorized. The City Council will cause all further actions and proceedings
relative to the making and financing of the Project financed hereby to be taken with due
diligence that are required for the construction of each Improvement financed wholly or
partly from the proceeds of the Note, and for the final and valid levy of the Assessments
and the appropriation of any other funds needed to pay the Note and interest and County
fee thereon when due.
(b) In the event of any current or anticipation deficiency in the Assessments
the City Council will levy ad valorem taxes in the amount of said current or anticipated
deficiency.
(c) The City will keep complete and accurate books and records showing: all
receipts and disbursements in connection with the Project, Assessments levied therefor
and other funds appropriated for their payment, all collections thereof and disbursements
therefrom, moneys 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.
Section 5. Authentication of Transcript.
5.01. The officers of the City are hereby authorized and directed to prepare and furnish
to the County and to the attorneys approving the Note, certified copies of proceedings and
records of the City relating to the Note 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 Note and such instruments, including any
heretofore furnished, will be deemed representations of the City as to the facts stated therein.
5.02. It is determined that no comprehensive official statement or offering material has
been prepared or circulated by the City in connection with the sale of the Note and that the City
has provided or will provide to the County any information regarding the City and the Note
requested by the County.
Section 6. No Requirement of Continuing Disclosure. The continuing disclosure
requirements of Rule 15c2 -12 promulgated by the Securities and Exchange Commission under the
Securities Exchange Act of 1934 do not apply to the Note, because the Note is offered in authorized
denominations of $100,000 or more, and the Note will be sold to a single purchaser which the City
reasonably believes (i) has such knowledge and experience in financial and business matters that it
is capable of evaluating the merits and risks of the Note , and (ii) is not purchasing for more than
one account or with a view to distributing the Note. Consequently, the City will not enter into any
undertaking to provide continuing disclosure of any kind with respect to the Note.
Section 7. Defeasance. When the Note 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 Note will cease, except that the pledge of the full faith and credit of the City for the
359834v3 SJB LN140 -103
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prompt and full payment of the principal of and interest on the Note will remain in full force and
effect. The City may discharge all Notes 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 Note 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.
Section 8. Refunding of County Bond. Upon any refunding of the County Bonds, the
City will issue a replacement Note with a payment schedule adjusted to reflect the debt service
due and payable on the bonds issued to refund the County Bonds.
359834v3 SJB LN140 -103
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• Passed and adopted this 9th day of November, 2009.
Attest:
City Clerk
359834v3 SJB LN140 -103
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CITY OF LINO LAKES, MINNESOTA
Mayor
Acting City Administrator
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No. R -1
EXHIBIT A
FORM OF NOTE
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
GENERAL OBLIGATION IMPROVEMENT NOTE OF 2009
$4,260,000
Date of Original Issue: , 2009
The City of Lino Lakes, Minnesota, a duly organized and existing municipal corporation
in Anoka County, Minnesota (the "City "), acknowledges itself to be indebted and for value
received hereby promises to pay to Anoka County, Minnesota, or registered assigns, the principal
sum of $4,260,000 on the maturity date specified above, payable in annual installments on
August 1, together with interest thereon at the annual rates specified in Schedule A hereto
payable semiannually on August 1 and February 1, and an annual fee payable on August 1, all in
the years and amounts as shown in Schedule A attached hereto.
The City may elect on any date to prepay the Note in whole or in part. If in part,
prepayments will be applied in reverse order of the principal installment amounts due on the
Note. The prepayment amount will be the outstanding principal amount of the County Bonds (as
defined in the Resolution referenced below) then outstanding, together with accrued interest to
the date of redemption. For any installment amount or portion thereof that is prepaid, the
"County Fee" shown in Schedule A attached hereto (or allocable portion thereof, if only a
portion of an installment is prepaid) is not paid, and the prepayment amount is only the sum
described above. The Note is further subject to mandatory redepemption upon prepayment of
certain Deferred Assessment (as defined in the Resolution), in accordance with the terms
described in the Resolution.
This Note is issued in the aggregate principal amount of $4,260,000 all of like original
issue date and tenor issued pursuant to a resolution adopted by the City Council on November
9, 2009 (the "Resolution "), for the purpose of providing money to defray the expenses incurred
and to be incurred in making local improvements, pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 429 and
the City charter, and the principal hereof and interest hereon are payable primarily from special
assessments against property specially benefited by local improvements 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 Note
and the City Council has obligated itself to levy ad valorem taxes on all taxable property in the
City in the event of any deficiency in special assessments pledged, which taxes may be levied
without limitation as to rate or amount. The Note is issued only as a fully registered Note in
denomination of $4,260,000.
359834v3 SJB LN140 -103
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As provided in the Resolution and subject to certain limitations set forth therein, this
Note is transferable upon the books of the City at the principal office of the 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 Registrar, duly
executed by the registered owner or the owner's attorney. Upon such transfer or exchange the
City will cause a new Note 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 Registrar may deem and treat the person in whose name this Note is
registered as the absolute owner hereof, whether this Note is overdue or not, for the purpose of
receiving payment and for all other purposes, and neither the City nor the Registrar will be
affected by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of Minnesota and the
City's home rule charter to be done, to exist, to happen and to be performed preliminary to and in
the issuance of this Note 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 Note does not cause the indebtedness of the City to
exceed any constitutional, statutory or charter limitation of indebtedness.
IN WITNESS WHEREOF, the City of Lino Lakes, Anoka County, Minnesota, by its
City Council, has caused this Note to be executed on its behalf by the facsimile or manual
signatures of the Mayor and Acting City Administrator and has caused this Note to be dated as of
the date set forth below.
Dated:
CITY OF LINO LAKES, MINNESOTA
(Facsimile) (Facsimile)
Acting City Administrator Mayor
359834v3 SJB LN140 -103
A -2
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REGISTRATION PROVISIONS
The ownership of the unpaid balance of the within Note is registered in the note register
of the Registrar, in the name of the person last listed below.
Date of Registration Registered Owner
359834v3 SJB LN140 -103
Anoka County, Minnesota
Federal ID #41- 6005752
(End of Form of Note)
A -3
Signature of
Finance Director
•
SCHEDULE A
PAYMENT SCHEDULE FOR CITY OF LINO LAKES
$4,260,000 GENERAL OBLIGATION IMPROVEMENT NOTE OF 2009
Interchange Financing - Lino Lakes, Minnesota
Payments to Anoka County per JPA
Lino Lakes Portion of Anoka County Series 2009F Capital Improvement Bonds
CITY PAYMENT SCHEDULE
Lino Lakes Portion of Anoka County Debt *
Date
Principal
Payments
Coupon
P
Interest
Payments
Principal 6
interest
Payments
(2) +(4)...;
�xR
Total Payments
Fiscal Year
Payments to
41. n
(1)
(2)
(3)
(4)
' 15)
� .�' � r �
�
R `°;(5)
08/012010
97,575
97,575
02/012011
75,705
75,705
a "`
75,7{19' ��
175280
08/01/2011
75,705
75,705
@v
s "7745
02/01/2012
75,705
75,705
08/012012
75,705
75705
02/01/2013
013
75,705
7
75 05
�ilS ,
153, 10
08/01/2013
75,705
75,705
02/012014
75,705
75705
08/01/2014
75,705
X5,705
1
777
02/012015
75,705
75 705
' p75,705 *[
153 410 i
08/01/2015
360,000
4.000%
75,705
435,705
e x
i x4075 �f
02/01/2016
-
68,505
68,505
$SOBS
" 9,210
08/01/2016
375,000
4.000%
68,505
443,505
�505 =,
02/01/2017
-
61,005
St 005
;61 0055 r 4 0
08/01/2017
390,000
3.000%
61,005
451005
�;%16'0p�"�
tai
02/012018
-
53,205
"5.3,205 '
� 5 05
08/012018
405,000
3.000%
53,205
458,205
02/01/2019
-
47,130
47130
` 52 335
08/01/2019
420,000
3.125%
47,130
467,130
a
02/01/2020
-
40,568
40 X68
t 40 $ .
532,698
08/012020
430,000
3.300%
40,568
4705
00 ask o-
02/012021
-
33,473
08/012021
445,000
3.400%
33,473
02/01/2022
-
25,90825908
680 �
08/01/2022
460,000
3.500%
25,908
02/012023
-
17,858
1F7858 s s
A w
� 5
08/01/2023
480,000
3.625%
17,858
497,858
jo A
wtt
02/012024
-
9,158
495,000
3.700%
9,158
504,158
02/012025
-
-
a9
r 1f u
Total
$4,280,000
$1,568,240
$5,828
* Final principal and interest payments based on total bond sire of $4,280,000 to cover
estimated project costs of $4,221,000.
359834v3 SJB LN140 -103
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FINAL WITH COUPONS - 11/122009
•
The motion for adoption was duly seconded by Councilmember Reinert, and, upon vote
being taken thereon, the following members voted in favor: O'Donnell, Reinert, Bergeson and
Gallup
and the following voted against: None
whereupon said resolution was declared duly passed and adopted.
359834v3 SJB LN140 -103
10
e STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
I, the undersigned, being the duly qualified and acting Clerk of the City of Lino Lakes,
Anoka County, Minnesota, do hereby certify that I have carefully compared the attached and
foregoing extract of minutes of a regular meeting of the City Council held on November 9, 2009,
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 $4,260,000 General Obligation
Improvement Note of 2009, of the City.
WITNESS My hand officially as such City Clerk and the corporate seal of the City this
24 day of November, 2009.
City erk
Lino akes, Minnes
(SEAL)
359834v3 SJB LN140 -103
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STATE OF MINNESOTA
COUNTY OF ANOKA
MANAGER OF PROPERTY RECORDS
AND TAXATION'S CERTIFICATE AS TO
REGISTRATION WHERE NO AD
VALOREM TAX LEVY
I, the undersigned Manager of Property Records and Taxation of Anoka County,
Minnesota, hereby certify that a resolution adopted by the City Council of the City of Lino
Lakes, Minnesota, on November 9, 2009, relating to General Obligation Improvement Note of
2009, in the amount of $4,260,000, dated December 9, 2009, has been filed in my office and said
obligations have been registered on the register of obligations in my office.
WITNESS My hand and official seal this day of , 2009.
(SEAL)
359834v3 SJB LN140 -103
Manager of Property Records and Taxation
Anoka County, Minnesota
Deputy
•
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STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
SIGNATURE AND NO
LITIGATION CERTIFICATE
We, the undersigned, being the duly qualified officers as shown beneath our signatures
herewith, hereby certify and recite as follows:
As of the date stated hereafter and in accordance with the directions of the governing body
of the City of Lino Lakes (the "Municipality "), we have caused the proper manual or facsimile
signatures to be affixed to each of the obligations hereafter described (the "Bonds ").
Name of Issue: General Obligation Improvement Note of 2009
Date of Original Issue: December 9, 2009
Amount of Issue: $4,260,000
Denomination: $4,260,000
First Interest Date: August 1, 2010
Interest Payment Dates: February 1 and August 1
Fully registered Bonds payable at the office of the City Finance Director, Lino Lakes, Minnesota, as
Bond Registrar and Paying Agent.
Mature on: August 1 in the years and amounts and at interest rates as shown in Schedule A attached
hereto.
Redemption: The City may elect on any date to prepay the Note in whole or in part. If in part,
prepayments will be applied in reverse order of the principal installment amounts
due on the Note.
Mandatory Redemption: A portion of the assessments for the Project levied against benefited
properties are expected to be deferred under various provisions of Minnesota law
(referred to as "Deferred Assessment "). If the City receives pre - payments of any
such Deferred Assessments, the City shall apply such prepayments toward
redemption of the Note in accordance with the procedures for optional
redemption.
We further certify that no litigation is pending or threatened questioning the organization of
the Municipality or the right, power and authority of its officers to execute and deliver the
360310v1 SJB LN140 -103
•Municipality's obligations, the levy of taxes as may be required for payment thereof, or in any
manner questioning the validity of the Bonds.
•
We further certify the signature shown below is the duly authorized signature of the Mayor
and Acting City Administrator of the Municipality.
The Municipality has an official seal which has been affixed hereto but which has not been
affixed to or imprinted on the Bonds as permitted by law.
360310v1 SJB LN140 -103
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2
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WITNESS Our hands officially as such officers this 9th day of December, 2009.
(SEAL)
360310v1 SJB LN140 -103
Mayor
Acting City Administrator
(Signature Page to Signature and No Litigation Certificate)
S -1
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Interchange Financing - Lino Lakes, Minnesota
Payments to Anoka County per JPA
Lino Lakes Portion of Anoka County Series 2009F Capital Improvement Bonds
CITY PAYMENT SCHEDULE
Date
(1)
08/012010
02/01/2011
08/01/2011
02/012012
08/012012
02/012013
08/012013
02/01/2014
08/012014
02/012015
08/012015
02/012016
08/01/2016
02/012017
08/012017
02/01/2018
08/01/2018
02/01/2019
08/01/2019
02/01/2020
08/012020
02/012021
08/01/2021
02/012022
08/01/2022
02/01/2023
08/01/2023
02/012024
08/01/2024
02/01/2025
Total
Lino Lakes Portion of Anoka County Debt
Principal
Payments
Coupon
Interest
Payments
Principal 8
interest;
Payments'
(2) + (4)
(2)
(3)
(4)
(5)
360,000 4.000%
375,000 4.000%
390,000 3.000%
405,000 3.000%
420,000 3.125%
430,000 3.300%
445,000 3.400%
3.500%
3.625%
3.700%
460,000
480,000
495,000
$4,260,000
97,575
75,705
75,705
75,705
75,705
75,705
75,705
75,705
75,705
75,705
75,705
68,505
68,505
61,005
61,005
53,205
53,205
47,130
47,130
40,568
40,568
33,473
33,473
25,908
25,908
17,858
17,858
9,158
9,158
$1,568,240
97575, ..`
75 705
;75 705
75 705
'75705
• 75 705,
.75,705
75,705
.7060
435,705
68505
X828,240
* Final principal and interest payments based on total bond she of $4,260,000 to cover
estimated project costs of $4,221,000.
360310v1 SJB LN140 -103
A -1
FINAL WITH COUPONS - 11/122009
• STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
•
CLERK'S CERTIFICATE
AS TO NO RECEIPT
OF PETITION AGAINST PROJECT
I, Julianne Bartell, being the duly qualified and acting City Clerk of the City of Lino
Lakes, Minnesota, hereby certify that on July 27, 2009, the City Council held a public hearing
regarding the improvements reconstructing the interchange between County State Aid Highway
14 and Interstate 35E (the "Project ") pursuant to Minnesota Statutes, Chapter 429 and the City
Charter. I further certify that no petition against the Project was filed in my office within 60
days after the public hearing on the Project, all as provided in Section 8.04, Subdivision 1 of the
City Charter.
360395v1 SJB LN140 -103
(The remainder of this page is intentionally left blank.)
•
•
•
•
Jh
WITNESS My hand as City Clerk and the corporate seal of the City thisYl day of
Ni o X. , 2009.
(SEAL)
360395v1 SJB LN140 -103
Clerk //
City o Lino Lakes,lVlinnesota
1
. No. R -1
•
ID
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
GENERAL OBLIGATION IMPROVEMENT NOTE OF 2009
$4,260,000
Date of Original Issue: December 9, 2009
The City of Lino Lakes, Minnesota, a duly organized and existing municipal corporation
in Anoka County, Minnesota (the "City "), acknowledges itself to be indebted and for value
received hereby promises to pay to Anoka County, Minnesota, or registered assigns, the principal
sum of $4,260,000 on the maturity date specified above, payable in annual installments on
August 1, together with interest thereon at the annual rates specified in Schedule A hereto,
payable semiannually on August 1 and February 1, and an annual fee payable on August 1, all in
the years and amounts as shown in Schedule A attached hereto.
The City may elect on any date to prepay the Note in whole or in part. If in part,
prepayments will be applied in reverse order of the principal installment amounts due on the
Note. The prepayment amount will be the outstanding principal amount of the County Bonds (as
defined in the Resolution referenced below) then outstanding, together with accrued interest to
the date of redemption. For any installment amount or portion thereof that is prepaid, the
"County Fee" shown in Schedule A attached hereto (or allocable portion thereof, if only a
portion of an installment is prepaid) is not paid, and the prepayment amount is only the sum
described above. The Note is further subject to mandatory redepemption upon prepayment of
certain Deferred Assessments (as defined in the Resolution), in accordance with the terms
described in the Resolution.
This Note is issued in the aggregate principal amount of $4,260,000 all of like original
issue date and tenor issued pursuant to a resolution adopted by the City Council on November
9, 2009 (the "Resolution "), for the purpose of providing money to defray the expenses incurred
and to be incurred in making local improvements, pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 429 and
the City charter, and the principal hereof and interest hereon are payable primarily from special
assessments against property specially benefited by local improvements 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 Note
and the City Council has obligated itself to levy ad valorem taxes on all taxable property in the
City in the event of any deficiency in special assessments pledged, which taxes may be levied
without limitation as to rate or amount. The Note is issued only as a fully registered Note in
denomination of $4,260,000.
•
•
•
As provided in the Resolution and subject to certain limitations set forth therein, this
Note is transferable upon the books of the City at the principal office of the 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 Registrar, duly
executed by the registered owner or the owner's attorney. Upon such transfer or exchange the
City will cause a new Note 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 Registrar may deem and treat the person in whose name this Note is
registered as the absolute owner hereof, whether this Note is overdue or not, for the purpose of
receiving payment and for all other purposes, and neither the City nor the Registrar will be
affected by any notice to the contrary.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of Minnesota and the
City's home rule charter to be done, to exist, to happen and to be performed preliminary to and in
the issuance of this Note 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 Note does not cause the indebtedness of the City to
exceed any constitutional, statutory or charter limitation of indebtedness.
(The remainder of this page is intentionally left blank)
• IN WITNESS WHEREOF, the City of Lino Lakes, Anoka County, Minnesota, by its
City Council, has caused this Note to be executed on its behalf by the facsimile or manual
signatures of the Mayor and Acting City Administrator and has caused this Note to be dated as of
the date set forth below.
Dated: December 9, 2009
Acting City Administrator
•
•
CITY OF LINO LAKES, MINNESOTA
Mayo
•
•
•
REGISTRATION PROVISIONS
The ownership of the unpaid balance of the within Note is registered in the note register
of the Registrar, in the name of the person last listed below.
Date of Registration
December 9, 2009
Registered Owner
Anoka County, Minnesota
Federal ID #41- 6005752
Signature of
Finance Director
•
•
Interchange Financing - Lino Lakes, Minnesota
Payments to Anoka County per JPA
Lino Lakes Portion of Anoka County Series 2009F Capital Improvement Bonds
CITY PAYMENT SCHEDULE
Lino Lakes Portion of Anoka County Debt •
Date
Principal
Payments
Coupon
Interest
Payments
Principal &
Interest
Payments
.
,
F�,
Total payments
to County
+ 6
Fiscal Year
Payments to
C'oun
E
®
(2)
(3)
(4)
::(5).
�':
�r^Thy
�u� *k.-i- `'� I - :�
- (7), . "
8)
08/01/2010
97,575
97,575
02/01/2011
75,705
75,705
k^!E
75 705:
175 280
08/01/2011
75,705
75,705
02/01/2012
75,705
75,705
� �� �
�r7�7o5
z
153�y��
)gam
08/01/2012
75,705
75,705
i E s .a s o-�e7
77,705
02/01/2013
75,705
75,705
?
75 0
I5 10
08/01/2013
75,705
75,705
� s w
777A5
02/01/2014
75,705
75,705
%
75,70553x41
08/01/2014
75,705
73705
N
77 705
a ;
02/01/2015
75,705
75,705
r
"
75 705
153 410 `
08/01/2015
360,000
4.000%
75,705
435,705
�?
$ 440705
02/01/2016
-
68,505
68,505
r 4
68,505 ,
509 {'210"
08/012016
375,000
4.000%
68,505
443,500
,
3
02/01/2017
-
61,005
61,005
u
08/012017
390,000
3.000%
61,005
02/012018
-
53,205
53 205
i
205
�
-7 , n
08/01/2018
405,000
3.000%
53,205
45$205
q
��
02/012019
-
47,130
08/01/2019
420,000
3.125%
47,130
02/012020
-
40,568
40 56$
0 568
x
08/012020
430,000
3.300%
40,568
470568
02/01/2021
-
33,473
33.473
98 473
I
08/01/2021
445,000
3.400%
33,473
478 4 73$
02/01/2022
-
25,908
49908
� 5,908
+
0
08/012022
460,000
3.500%
25,908
4859
9; b,
02/01/2023
-
17,858
1 858
17.858
r
08/012023
480,000
3.625%
17,858
497,858
65
02/01/2024
-
9,158
08/01/2024
495,000
3.700%
9,158
158e�1�E
02/01/2025
-
Total
$4,260,000
$1,568,240
$5,828 240
, a'.
`AA ` aµ,
6,
:•
• Final principal and interest payments based on total bond size of $4,280,000 to cover
estimated project costs of $4,221,000.
FINAL WITH COUPONS - 11/122009