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HomeMy WebLinkAbout1988-075 Council Resolution• • • After due consideration of the bids, Member Reinert then introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 75 -88 A RESOLUTION AWARDING THE SALE OF $610,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1988B; 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, Anoka County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of First Bank National Association (Purchaser) to purchase $610,000 General Obligation Temporary Improvement Bonds, Series 1988B (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 $ 605,730 plus accrued interest to date of delivery, for Bonds bearing interest at the rate of 6.20 % per annum. Net effective interest rate: 6.43331 1.02. The sum of $ 305 being the amount bid by the Purchaser in excess of $605,425 shall be credited to the Debt Service Fund hereinafter created. The City Clerk- Treasurer is directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful bidders forthwith. The Mayor and City Clerk- Treasurer are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City shall forthwith issue and sell the Bonds in the total principal amount of $610,000, originally dated October 1, 1988, in the denomina- tion of $5,000 each or any integral multiple thereof, numbered No. R -1, upward, bearing interest as above set forth, and which Bonds mature on October 1, 1991. 1.04. Optional Redemption. The City may elect on October 1, 1990 and on any interest payment date thereafter to prepay Bonds. Redemption may be in whole or in part of the Bonds subject to prepayment. If only part of the Bonds are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All payments will be at a price of par plus accrued interest. 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, 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 inter- est on the Bond has been paid or made available for payment, unless (1) 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 April 1 and October 1 of each year, commencing April 1, 1989, 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 Regis- trar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal corporate 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, transferred 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 execut- ed 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 registra- tion 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 ex- change 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 presented 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 instru- ment of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for the refus- al, 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 regis- ter 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 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 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 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 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. (i) Redemption. In the event any of the Bonds are called for redemp- tion, notice thereof identifying the Bonds 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 each Bond to be redeemed at the address shown on the registration books kept by the Regis- trar and by publishing said notice in the manner required by law. Failure to give such notice by publication or by mail to any registered owner, or any defect therein, will not affect the validity of any proceeding for the redemption of Bonds. All Bonds 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. 2.04. Appointment of Initial Registrar. The City hereby appoints Marquette Bank Minneapolis, N.A. , Minneapolis , Minnesota, as the initial Registrar. The Mayor and the City 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 resulting corporation is a bank or trust company authorized by law to conduct such business, such corporation shall be authorized to act as successor Regis- trar. 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 Regis- trar, 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 lithographed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signa- ture shall appear on the Bonds shall cease to be such officer before the deliv- ery 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 certificate of authentication on such Bond has been duly executed by the manual signature of an authorized representative of the Regis- trar. Certificates of authentication on different Bonds need not be signed by the same representative. 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. Temporary Bonds. The City may elect to deliver in lieu of printed definitive Bonds, one or more typewritten temporary Bonds in substantially the form set forth in Section 3 with such changes as may be necessary to reflect more than one maturity in a single temporary bond. Upon the execution and delivery of definitive Bonds, the temporary Bonds shall be exchanged therefor and cancelled. Rate Section 3. Form of Bond. 3.01. The Bonds shall be printed in substantially the following form: [Face of the Bond] UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF LINO LAKES GENERAL OBLIGATION TEMPORARY IMPROVEMENT BOND, SERIES 1988B Date of Maturity Original Issue October 1, 1991 October 1, 1988 CUSIP • • No. $ The City of Lino Lakes, Minnesota, a duly organized and existing municipal corporation 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 April 1 and October 1 in each year, commencing April 1, 1989, 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 , Minneso- ta, as Bond Registrar, Paying Agent, Transfer 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 October 1, 1990, and on any interest payment date thereafter, to prepay Bonds of this issue. Redemption may be in whole or in part of the Bonds subject to prepayment. If only part of the Bonds 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 plus accrued interest. The City Council has designated the Bonds as "qualified tax exempt obliga- tions" within the meaning of Section 265(b)(3) of the Internal Revenue Code of .1986, as amended (the Code) relating to disallowance of interest expense for financial institutions and within the $10 million limit allowed by the Code for the calendar year of issue. 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 (facsimile) (facsimile) 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 $610,000 all of like original issue date and tenor, except as to number, issued pursuant to a resolution adopted by the City Council on October 3, 1988 (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 Stat- utes, Chapter 475, and the City's home rule charter, and the principal hereof and interest hereon are payable primarily from special assessments against property specially benefited thereby, 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 issue and sell definitive or additional temporary bonds to redeem the Bonds and to levy taxes on all of the 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 Bonds of this series are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof. 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 City's home rule charter, 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, 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. (Facsimile Signature) City Clerk- Treasurer The following abbreviations, when used in the inscription on 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 in common TEN ENT -- as tenants by entireties UNIF GIFT MIN ACT Custodian (Cust) (Minor) JT TEN -- as joint tenants with right of survivorship and not as tenants in common under Uniform Gifts or Transfers 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 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: 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 infor- mation 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 3.02. The City Clerk- Treasurer shall obtain a copy of the proposed approv- ing legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota, which shall be complete except as to dating thereof and shall cause the opinion to be printed on each Bond, 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 4. Payment: Security: Pledges and Covenants. 4.01. The Bonds shall be payable from the General Obligation Bonds, Series 1988B Debt Service Fund (Debt Service Fund) hereby created, and special assess- ments (Assessments) to be levied for the improvements (Improvements) financed by the Bonds are hereby pledged pledged to the Debt Service Fund. If any payment of principal or interest on the Bonds shall become due when there is not suffi- cient 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 the general fund shall be reimbursed for such advances out of the proceeds of • • • Assessments for the Improvements when collected. There is hereby appropriated to the Debt Service Fund all capitalized interest funded from Bond proceeds, excess over the minimum purchase price paid by the Purchaser and accrued interest paid at closing and delivery of the Bonds. 4.02. 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 has caused or will cause the Assessments for the Im- provements to be promptly levied so that the first installment will be collectible not later than 1990 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 Improve- ment financed wholly or partly from the proceeds of the Bonds, and for the final and valid levy of the Assessments and the appropriation of any other funds needed to pay the Bonds and interest thereon when due. (b) Im 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 Improve- ments, 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. 4.03. It is hereby determined that the estimated collections of Assess- ments and interest thereon for payment of principal and interest on 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 and that no tax levy is needed at this time. 4.04. The City Clerk- Treasurer is directed to file a certified copy of this resolution with the County Auditor, and obtain the certificate required by Minnesota Statutes, Section 475.63. 4.05. In accordance with its statutory duties under Minnesota Statutes, Section 429.091, Subdivision 5, the City covenants and agrees with the holders of the Bonds that if the Bonds cannot be paid at maturity from the proceeds of the Assessments or from other funds appropriated by the City Council, the Bonds shall be paid from the proceeds of definitive or additional temporary bonds which shall be issued and sold prior to the maturity date of the Bonds. • • • Section 5. Authentication of Transcript. 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 certifi- cates, 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. The Mayor and City Clerk- Treasurer are hereby authorized and direct- ed to certify that they have examined the 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 Official Statement is a complete and accurate representation of the facts and representations made therein as of the date of the Official Statement. Section 6. *Tax Covenant. 6.01. The City 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 its officers, employees or agents any action which would cause the interest on the Bonds to become subject to taxation under the 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 action 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 applicable to the Bonds. 6.02. (a) The City shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income of the interest on thg Bonds under Section 103 of the Code, including without limitation re- quirements 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 if the Bonds (together with other obligations reasonably expected to be issued in calendar year 1988) exceed the small- issuer exception amount of $5,000,000. (b). For purposes of qualifying for the small issuer exception to the federal arbitrage rebate requirements, the City hereby finds, determines and declares that the aggregate face amount of all tax - exempt bonds (other than private activity bonds) issued by the City (and all subordinate entities of the City) during the calendar year in which the Bonds are issued and outstanding at one time is not reasonably expected to exceed $5,000,000, all within the meaning of Section 148(f)(4)(C) of the Code. 6.03. The City further covenants not td 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 "private activity bonds" within the meaning of Sections 103 and 141 through 150 of the Code. 6.04. In order to qualify the Bonds as "qualified tax - exempt obligations" within the meaning of Section 265(b)(3) of the Code, the City hereby 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 hereby 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, treating qualified 501(c)(3) bonds as not being private activity bonds) which will be issued by the City (and all subordinate entities of the City) during calendar year 1988 will not exceed $10,000,000; and (d) not more than $10,000,000 of obligations issued by the City during calendar year 1988 have been designated for purposes of Section 265(b)(3) of the Code. 6.05. The City shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designations made by this section. The motion for the adoption of the foregoing resolution was duly seconded by Member Bisel , and upon vote being taken thereon, the following voted in favor thereof: All Members and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. • • STATE OF MINNESOTA ) COUNTY OF ANOKA ) SS. CITY OF LINO LAKES ) I, the undersigned, being the duly qualified and acting Clerk - Treasurer 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 an ig Rcy meeting of the City Council of the City held on Monday, October 3, 1988, 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 $610,000 General Obligation Temporary Improvement Bonds, Series 1988B of the City. WITNESS My hand officially as such Clerk- Treasurer and the corporate seal of the City this (SEAL) L5:05272D88.RAW day of October , 1988. F Cfiiy Clerk- Treasurer Lino Lakes, Minnesota • • 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, an emergency meeting of the City Council of the City of Lino Lakes, Minnesota, was duly held in the City Hall in said City on Monday, October 3, 1988, commencing at 7:00 o'clock P.M. The following members were present: Benjamin Benson, Harold Bisel, Wesley Neal and Vernon Reinert and the following were absent: William Bohjanen * * * The Mayor announced that the next order of business was consideration of the bids which had been received for the purchase of the City's $610,000 General Obligation Temporary Improvement Bonds, Series 1988B, as advertised for sale. The City Clerk- Treasurer presented affidavits showing publication of the notice .of sale in the City's official newspaper and in Commercial West, a financial paper.published in Minneapolis, Minnesota, which affidavits were examined and found satisfactory and ordered placed on file. The City Clerk- Treasurer presented a tabulation of the bids which had been received in the manner specified in the Official Terms of Offering of the Bonds. The bids were as follows: SPRINGSTED PUBLIC FINANCE ADVISORS 85 East Seventh Place, Suite 100 Saint Paul, Minnesota 55101.2143 612.223.3000 Fax: 612.223.3002 $610,000 CITY OF LINO LAKES, MINNESOTA GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 19888 AWARD: SALE: FIRST BANK NATIONAL ASSOCIATION FBS CAPITAL GROUP NORWEST INVESTMENT SERVICES INCORPORATED - And Associate - October 3, 1988 Moody's Rating: Boa I Interest Net Interest Bidder Rates Price Cost & Rate FIRST BANK NATIONAL 6.20% October 1, 1991 $605,730.00 $117,730.00 ASSOCIATION (6.4333 %) FBS CAPITAL MARKETS GROUP NORWEST INVESTMENT SERVICES INCORPORATED Miller & Schroeder Financial, Incorporated MOORE, JURAN AND COMPANY, 6.20% October 1, 1991 $605,486.00 $117,974.00 INCORPORATED (6.4466%) Marcotte Hume & Associates, Incorporated PIPER, JAFFRAY & HOPWOOD 6.20% October 1, 1991 $605,486.00 $I 17,974.00 INCORPORATED (6.4466 %) Allison - Williams Company AMERICAN NATIONAL BANK 6.25% October I, 1991 $605,498.20 $ 1 18,876.80 SAINT PAUL (6.4960 %) These Bonds are being reoffered at par. BBI: 7.64 Average Maturity: 3.00 Years LINO,,LAKES, MINNESOTA G 0 TEMPORARY IMPROVEMENT BONDS, 1988B PO ALE DEBT SERVICE Prepared October 3, 1988 By SPRINGSTED Incorporated Bond Date: 10/ 1/1988 Sale Date: 10/ 3/1988 Issue Size: $610,000 Date Principal Rate Interest Total 4/ 1/1989 18,910.00 18,910.00 10/ 1/1989 18,910.00 18,910.00 4/ 1/1990 18,910.00 18,910.00 10/ 1/1990 18,910.00 18,910.00 4/ 1/1991 18,910.00 18,910.00 10/ 1/1991 610,000 6.200 18,910.00 628,910.00 TOTALS $610,000 $113,460.00 $723,460.00 Discount (plus) $4,270.00 Net Interest Cost $117,730.00 Interest rounded on individual $ 5,000 denominations • • CO /&, coo 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 pursuant to the requirements of Minnesota Statutes, Section 471.705, Subdivision 1(c), an emergency meeting of the City Council of the City of Lino Lakes, Minnesota, was duly held in the City Hall in said City on Monday, October 3, 1988, commencing at 7:00 o'clock P.M. The following members were present: Benjamin Benson, Harold Bisel, Wesley Neal and Vernon Reinert and the following were absent: William Bohjanen * * * The Mayor announced that the next order of business was consideration of the bids which had been received for the purchase of the City's $610,000 General Obligation Temporary Improvement Bonds, Series 1988B, as advertised for sale. The City Clerk- Treasurer presented affidavits showing publication of the notice of sale in the City's official newspaper and in Commercial West, a financial paper published in Minneapolis, Minnesota, which affidavits were examined and found satisfactory and ordered placed on file. The City Clerk- Treasurer presented a tabulation of the bids which had been received in the manner specified in the Official Terms of Offering of the Bonds. The bids were as follows: