Loading...
HomeMy WebLinkAbout1986-049 Council Resolution• 1 • RESOLUTION NO.' 49 -86 RESOLUTION AWARDING THE SALE OF $475,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1986A; . FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Lino Lakes, Minneso- ta, (City) as follows: Section 1. Sale of'Bonds. 1.01. The bid of Norwest Investment Services, Inc. (Pur- chaser) to purchase $475,000 General Obligation Improvement Bonds, Series 1986A (Bonds) of the City described in the Official Terms of Offering thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, the bid being to purchase the Bonds at a price of $ 470.725. plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1988 4.00% 1993 5.40% 1989 4.40% 1994 5.60% 1990 4.70% 1995 5.80% 1991 5.00% 1996 6.00% 1992 5.20% 1997 6.00% The City Clerk- Treasurer is directed to retain the good faith check of the Purchaser on behalf of the City pending completion of the sale and delivery of the Bonds, and to return the checks of the unsuccessful bidders forth- with. The sum of $ 2,850 being the amount offered by the Purchaser in excess of $467,875 shall be credited to the Debt Service Fund created by Section 3. 1.02. The City shall forthwith issue and sell the Bonds in the total principal amount of $475,000, originally dated as of December 1, 1986, the Bonds being in fully registered form and issued in the denomination of $5,000 or any integral multiple thereof, numbered no. 1 upward, bearing interest as above set forth, and which Bonds mature serially on February 1 in the years and amounts as follows: • • • YEAR AMOUNT YEAR AMOUNT 1988 $ 10,000 1993 $15,000 1989 125,000 1994 15,000 1990 125,000 1995 15,000 1991 125,000 1996 15,000 1992 15,000 1997 15,000 In the event that pursuant to federal laws and regulations the City is required to use unexpended Bond proceeds for early redemption of Bonds in order to continue exemption of the Bonds from federal taxation, the City shall use such unexpended Bond proceeds to redeem Bonds on any date after notice is given pursuant to law. Those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid will be chosen by lot by the Registrar. All such prepayments shall be at a price of 102% plus accrued interest. The Bonds shall not - otherwise be subject to prepayment. The City. may elect on February 1, 1991, and on any interest payment date thereafter, to prepay Bonds due on or after February 1, 1992. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemp- tion is in part, those Bonds remaining unpaid which have the latest maturi- ty date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and accrued interest. Section 2. Form: Registration. 2.01. Registered Form. The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be 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 such 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 such Bond shall be dated as of the date of original issue. The interest on the Bonds shall be payable on February 1 and August 1 in each year, com- mencing August 1, 1987, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 2.03. Registration. The City shall appoint, and shall maintain, a bond registrar, transfer agent, authenticating agent and paying agent (Registrar). The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: • • (a) Register. The Registrar shall keep at its principal corpo- rate trust office a bond register in which the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, trans - ferred or exchanged. (b) Transfer of Bonds. Upon surrender for transfer of any 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 such interest payment date. (c) Exchange of Bonds. Whenever any 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. (d) Cancellation. All Bonds surrendered upon any 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 any Bond is pre - sented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such 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 any Bond is at any time registered in the bond register as the absolute owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of and interest on such Bond and for all other purposes, and all such payments so made to any such registered owner or upon the owner's order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges. For every transfer or exchange of Bonds, the Registrar may impose a charge upon the owner thereof suffi- cient to reimburse the Registrar for any tax, fee or other govern- mental charge required to be paid with respect to such transfer or exchange. (h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become mutilated or be 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 any such mutilated Bond or in lieu of and in substitution for any such Bond destroyed, stolen or lost, upon the payment of the reason- able 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 of evidence satisfactory to it that such Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in which both the City and the Registrar shall be named as obligees. All Bonds so sur- rendered to the Registrar shall be cancelled by it and evidence of such cancellation shall be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Bond prior to payment. 2.04. Appointment of Initial Registrar. The City hereby appoints Norwest Bank Minneapolis, N.A. , as the initial Registrar. The Mayor and the Clerk- Treasurer are authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar with another corporation, if the result- ing corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar upon 30 days' notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the bond register to the successor Registrar. On or before each principal or interest due date, without further order of this Council, the Clerk- Treasurer shall transmit to the Registrar moneys 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 Clerk- Treasurer and shall be executed on behalf of the City by the signatures of the Mayor and the Clerk - Treasurer, provided that all signatures may be printed, engraved or litho- graphed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of any Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until delivery. Notwithstanding such execution, no Bond shall be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless and until a certif- icate of authentication on such Bond has been duly executed by the manual signature of an authorized representative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same repre- sentative. The executed certificate of authentication on each Bond shall be conclusive evidence that it has been authenticated and delivered under this Resolution. When the Bonds have been so prepared, executed and authenticated, the Clerk- Treasurer shall deliver the same to the Purchaser thereof upon payment of the purchase price in accordance with the contract • of sale heretofore made and executed, and the Purchaser shall not be obligated to see to the application of the purchase price. 2.06. Form of Bonds. The Bonds shall be printed in substantially the fo. lowing form: • [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF LINO LAKES GENERAL OBLIGATION IMPROVEMENT BOND, SERIES 1986A Date of Rate Maturity Original Issue CUSIP December 1, 1986 No. $ The.City of Lino Lakes, a duly organized and existing municipal corpo- ration in Anoka County, Minnesota (City), acknowledges itself to be indebt- ed and for value received hereby promises to pay to or registered assigns, the principal sum of $ on the maturity date specified above, with interest thereon from the date hereof at the annual rate specified above, payable February 1 and August 1 in each year, com- mencing August 1, 1987, to the person in whose name this Bond is registered at the close of business on the 15th day (whether or not a business day) of the immediately preceding month. The interest hereon and, upon presenta- tion and surrender hereof, the principal hereof are payable in lawful money of the United States of America by check or draft by , as Bond Registrar, Authenticating Agent and Paying 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 irrevo- cably pledged. In the event that pursuant to federal laws and regulations the City is required to use unexpended Bond proceeds for early redemption of Bonds in order to continue exemption of the Bonds from federal taxation, the City shall use such unexpended Bond proceeds to redeem Bonds on any date after notice is given pursuant to law. Those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid will be chosen by lot by the Registrar. All such prepayments shall be at a price of 1022 plus accrued interest. The City may elect on February 1, 1991, and on any interest payment date thereafter, to prepay Bonds due on or after February 1, 1992. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemp- tion is in part, those Bonds remaining unpaid which have the latest maturi- ty date will be prepaid first. If only part of the Bonds having a common • • • maturity date are called for prepayment, the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and accrued interest. Additional provisions of this Bond are contained on the reverse hereof and such provisions shall for all purposes have the same effect as though fully set forth in this place. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the Bond Registrar by manual signature of one of its authorized representatives. 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 signatures of the Mayor and City Clerk- Treasurer and has caused this Bond to be dated as of the date set forth below. Dated: CITY OF LINO LAKES, MINNESOTA City Clerk- Treasurer Mayor CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. By Authorized Representative [Reverse of the Bond] This Bond is one of an issue in the aggregate principal amount of $475,000, all of like original date and tenor, except as to number, maturi- ty date, interest rate and redemption privilege, issued pursuant to a resolution adopted by the City Council on November 24, 1986 (the Resolu- tion), 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 Home Rule Charter of the City, and of providing money to refund, pursuant to Minnesota Statutes, Section 475.67, in advance of their maturity, the outstanding principal amount of certain general obligation improvement bonds of the city which have been issued for the purpose of providing money for various assessable public improvements in the City pursuant to and in full conformity with the constitution of laws of the State of Minnesota, including Minnesota Stat- utes, Chapter 429, and the Home Rule Charter of the City. This Bond is payable primarily from special assessments against property specially benefited thereby, but constitutes a general obligation of the City and, to provide moneys for the prompt and full payment of said principal and interest as the same become due, the full faith and credit of the City is hereby irrevocably pledged, and the City Council will levy ad valorem taxes, if required for such purpose, which taxes may be levied on all of the taxable property in the City 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 matu- rities. 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 shall 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 Home Rule Charter of the City, 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 or statutory or charter limitation of indebtedness. • • (Form of certificate to be printed on the reverse side of each Bond, following a full copy of the legal opinion.) • • • I certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of Bonds of the City of Lino Lakes, Minnesota, which includes the within Bond, dated as of the date of delivery of and payment for the Bonds. City Clerk- Treasurer The following abbreviations, when used in the inscription of the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM -- as tenants UNIF GIFT MIN ACT Custodian in common (Cust) (Minor) TEN ENT -- as tenants by entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common under Uniform Gifts to Minors Act (State) Additional abbreviations may also be used though not in the above list. ASSIGNMENT For value received, the undersigned hereby sells, assigns and trans- fers 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: Signature(s) must be guaranteed by a national bank or trust company or by a brokerage firm having .a membership in one of the major stock exchanges. The Bond Registrar will not effect transfer of 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 social security or other identifying number of assignee • • • 2.07. The Clerk- Treasurer shall obtain a copy of the proposed approv- ing legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Profes- sional Association, Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause the opinion to be printed on each Botd, together with a certificate to be signed by the facsimile signature of the Clerk- Treasurer in substantially the form set forth in the form of Bond. The Clerk- Treasurer is hereby authorized and directed to execute such certificate in the name of the City upon receipt of such opinion and to file the opinion in the City offices. Section 3. Security: Payment. 3.01. The Bonds shall be payable from the General Obligation Improve- ment Bonds, Series 1986A Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of any, general taxes hereafter levied and special assessments (Assessments) to be levied for the improvements (Improvements) financed by. the Bonds are .hereby pledged to the Debt Service Fund; provid- ed, however, that special assessments heretofore levied and collected for the City's $750,000 General Obligation Improvement Bonds of 1982, dated October. 4, 1982 (1982 Bonds) and special assessments levied for the 1982 Bonds which are received during 1986 and 1987 shall continue to be pledged to the payment of the 1982 Bonds until such time as the General Obligation Improvement Bonds of 1982 Debt Service Fund contains funds sufficient to pay principal and interest when due on those 1982 Bonds which are not refunded by the Bonds, whereupon all further collections of special assess- ments shall be pledged and paid to the General Obligation Improvement Bonds, Series 1986A Debt Service Fund. If any payment of principal or interest on the Bonds shall become due when there is not sufficient money in the Debt Service Fund to pay the same, the Clerk- Treasurer shall pay such principal or interest from the general fund of the City and such fund may be reimbursed for such advances out of proceeds of Assessments for the Improvements when collected. 3.02. It is hereby determined that the City will levy Assessments in the principal amount of at least 20% of the cost of the Improvements. It is hereby determined that the estimated collection of Assessments and Taxes for the payment of the Bonds will produce at least five percent in excess of the amount needed to meet, when due, the principal and interest payments on the Bonds. The Clerk- Treasurer is directed to file a certified copy of this resolution with the County Auditor of Anoka County and obtain the certificate required by Minnesota Statutes, Section 475.63. 3.03. For the purpose of paying the principal of and interest on the Bonds, there is hereby levied upon all of the taxable property in the City a direct annual irrepealable ad valorem tax, which shall be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax shall be credited to the Debt Service Fund and shall be in the years and amounts as follows (year stated being year of levy for collection the following year): • Year Levy Year L v► • 1986 -0- 1991 $1,689 1987 $29,801 1992 839 1988 34,838 1993 -0- 1989 35,639 1994 -0- 1990 2,508 1995 -0- It is further determined that upon the deposit of funds (as hereinafter provided) in the General Obligation Improvement Bonds of 1982 Debt Service Fund, that an irrevocable appropriation to the debt service fund for the 1982 Bonds shall have been made within the meaning of Section 475.61, Subdivision 3 of the Act, and the City Clerk- Treasurer is hereby authorized and directed to certify such fact to and request the County Auditor to cancel any and all tax levies made by the resolutions awarding the sale of and issuing the 1982 Bonds. 3.04. The tax levy herein provided shall be irrepealable until all of the Bonds are paid, provided that the City Clerk- Treasurer may annually, prior to October 10th, certify to the County Auditor the amount available in the Debt Service Fund to pay principal and interest due during the ensuing year, and the County Auditor shall thereupon reduce the levy collectible during such year by the amount so certified. 3.05. It is hereby determined that the Improvements to be financed by the Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Bonds as follows: (a) The City will cause the Assessments for the Improve- ments to be promptly levied so that the first installment will be collectible not later than 1987 and will take all steps necessary to assure prompt collection, and the levy of the Assessments is hereby authorized. The City Council shall cause all further actions and proceedings relative to the making and financing of the Improvements 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 Bonds, and for the final and valid levy of special assessments and the appro- priation of any other funds needed to pay the Bonds and interest thereon when due. (b) In the event of any current or anticipated 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 Improvements, the taxes and Assessments levied therefor and other funds appropriated for their payment, and all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid Assessments. (d) The City will cause its books and records to be audited at least annually by qualified public accountants and will furnish copies of such audit reports to any interested person upon request. Section 4. Refunding: Findings: Redemption of Refunded Bonds. 4.01. The Refunded Bonds are those $750,000 General Obligation Improvement Bonds of 1982, of the City, dated October 1, 1982, maturing on and after February 1, 1989. It is hereby found and determined that the issuance of the Bonds will result in a reduction of debt service or interest cost to the City on the Refunded Bonds. 4.02. The sum of $ 320,000 received as proceeds from the sale of the Bonds is hereby appropriated and pledged to the General Obligation Improve- ment Bonds of 1982 Debt Service Fund for redemption of the Refunded Bonds. The City Council hereby finds and determines that the funds available and appropriated to the General Obligation Improvement Bonds of 4982 Debt Service Fund will be sufficient, together with the permitted earnings on the investment of said Fund to pay at maturity or redemption all of the principal of, interest on and redemption premium (if any) on the Refunded Bonds. 4.03. The Refunded Bonds maturing on February 1, 1989, and thereafter shall be redeemed and prepaid on February 1, 1987. The Refunded Bonds shall be redeemed and prepaid in accordance with their terms and in accor- dance with the terms and conditions set forth in the form of Notice of Call for Redemption attached hereto as Exhibit C -1 which terms and conditions are hereby approved and incorporated herein by reference. The City Clerk - Treasurer is hereby authorized and directed to forthwith publish the Notice of Call for Redemption in a publication qualified under Section 475.54 of the Act and to send written notices of call to the paying agent for the Refunded Bonds, provided that published notice alone shall be effective. Section 5. Authentication of Transcript; Covenants. 5.01. The officers of the City are hereby 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 market- ability of the Bonds and such' instruments, including any heretofore fur- nished, shall be deemed representations of the City as to the facts stated therein. 5.02. The Mayor, Administrator and City Clerk- Treasurer are hereby authorized and directed to certify that they have examined the Official Statement dated November 11, 1986 prepared and circulated in connection with the issuance and sale of the Bonds and that to the best of their know- ledge and belief the Official Statement is, as of the date thereof, a complete and accurate representation of the facts and representations made therein as it relates to the City. • • • 5.03. The City hereby covenants and agrees with the holders from time to,.time of the -Bonds that it will not take or permit to be taken by any of iti officers, employees or agents any action which would cause the interest on the Bonds to become subject to taxation under Internal Revenue Code of 1986, as amended (the Code), and the Treasury Regulations promulgated thereunder, in effect at the time of such actions, and that it will take, or cause its officers, employees or agents to take, all affirmative actions within its power that may be necessary to ensure that such interest will not become subject to taxation under the Code and applicable Treasury Regulations, as presently existing or as hereafter amended and made appli- cable to the Bonds. 5.04. The bonds of this issue are hereby designated by the City as qualified tax exempt obligations and as a part of its $10,000,000 limita- tion of such obligations within the meaning of Section 902 of the Tax Reform Act of 1986. 5.05. Pending the preparation of definitive Bonds, the Mayor and Clerk- Treasurer may execute, authenticate and deliver a temporary Bond or Bonds which are printed, lithographed, typewritten, mimeographed, or otherwise produced, in any denomination, substantially of the tenor of the definitive Bonds in lieu of which they are issued, in registered form, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Bond or Bonds may determine, as evidenced by their signing of such Bond or Bonds. If a temporary Bond or Bonds are issued, the City shall cause definitive Bonds to be prepared without unreasonable delay. After the preparation of definitive Bonds, the temporary Bond or Bonds shall be exchangeable for definitive Bonds upon surrender of the temporary Bond or Bonds at the principal office of the Registrar, without charge to the holder. Upon surrender for cancellation of any one or more temporary Bonds the City shall execute and the Registrar shall authenticate and deliver in exchange therefor a like principal amount of definitive Bonds of authorized denominations. Until so exchanged the temporary Bond or Bonds shall in all respects be entitled to the same benefits under this Resolution as definitive Bonds, and interest thereon, when and as payable, shall be paid to the holders of temporary Bonds upon presentation thereof for notation of such payment thereon. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Bisel and upon vote being taken thereon, the following voted in favor thereof: All members and the following voted against: None whereupon said resolution was declared duly passed and adopted. • • Exhibit C -1 NOTICE OF CALL FOR REDEMPTION $750,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN, that, by order of the City Council of the City of Lino Lakes, Anoka County, Minnesota, there have been called for redemp- tion and prepayment on February 1, 1987 all outstanding bonds of the City designated as General Obligation Improve- ment Bonds of 1982, dated October 1, 1982, having stated maturity dates of February.1 in the years 1989 through 1991, both inclusive, and totalling $375,000 in principal amount. The bonds are being called at a price of par plus accrued interest to February 1, 1987, on which date all interest on said bonds will cease to accrue. Holders of the bonds hereby called for redemption are requested to present their bonds for payment at the main office of First Bank Saint Paul, in the City of St. Paul, Minnesota on or before February 1, 1987. Dated: November 24, 1986. Further Information: Springsted, Inc. Public Financial Advisors. 85 East Seventh Place Suite 100 St. Paul, Minnesota 55101 -2143 (612)223 -3000 BY ORDER OF THE CITY COUNCIL By Marilyn G. Anderson City Clerk- Treasurer City of Lino Lakes