HomeMy WebLinkAbout2006-097 Council Resolution•
RESOLUTION NO. 06 -97
RESOLUTION AMENDING SCHEDULE FOR THE ISSUANCE
AND SALE OF APPROXIMATELY $570,000 GENERAL OBLIGATION
UTILITY REVENUE BONDS, SERIES 2006B
BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka
County, Minnesota (the "City ") as follows:
1. By Resolution No. 06 -86 approved by the City Council on May 22, 2006
( "Prior Resolution "), the City approved certain Terms of Proposal for the sale of it's
$570,000 General Obligation Utility Revenue Bonds, Series 2006B (the "Bonds ")
pursuant to Minnesota Statutes, Ch. 444 (the "Act ") to provide financing for certain
utility improvements in the City.
2. The Prior Resolution authorized Springsted Incorporated to negotiate the
Bonds in accordance with the Terms of Proposal attached thereto, and to bring proposals
for consideration by the Council at its meeting on Monday, June 26, 2006.
3. The City has determined that it is in the City's best interest to postpone
sale of the Bonds to coincide with sale of the City's approximately $2,470,000 General
Obligation Tax Abatement Bonds, Series 2006A (the "Abatement Bonds "), which sale
• was originally scheduled on June 26, 2006 but which will be postponed to a date
determined by the Finance Director pursuant to Resolution No. 06 -96 approved June 12,
2006. Accordingly, the Finance Director is authorized and directed to designate the date
for sale of the Bonds on the same date as that selected for sale of the Abatement Bonds.
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4. Springsted Incorporated is authorized and directed to modify the Terms of
Proposal attached to the Prior Resolution to the extent necessary to accommodate the
change in schedule.
ATT ST:
e Bartell, ity Jerk
Adopted by the Lino Lakes City Council this 12th day of June, 2006.
rgeson, Mayor
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member 0 ' Donnelalnd upon vote being taken thereon, the following voted in favor
thereof:
Reinert, O'Donnell,.Stoltz, Carlson, Mayor Bergeson
The fllowing voted against same:
aWhereupon said resolution was declared duly passed and adopted.
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