HomeMy WebLinkAbout1998-077 Council ResolutionCouncil member Lyden introduced the following resolution and
move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 98-77
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
$4,310,000 GENERAL OBLIGATION IMPROVEMENT
BONDS, SERIES 1998A
WHEREAS, it is hereby determined that the following assessable public improvements (the
Improvements) have been made, duly ordered or contracts lets for the construction thereof, by the
City pursuant to the provisions of Minnesota Statutes, Chapter 429 (Act)
Otter Lake Road Realignment $1,372,927
Lake Drive Trunk Utility, Phase 1 2,534,634
Lilac Trunk Utility 402,439
Subtotal 4,310,000
Add: Underwriter's Discount 43,100
Less: Investment Earnings (43,100)
Net Bond Issue $4,310,000
WHEREAS, it is necessary and expedient to the sound financial management of the affairs of the
City to issue $4,310,000 General Obligation Improvement Bonds, Series 1998A (Bonds) pursuant
to the Act to provide financing for the Improvements.
WHEREAS, to provide financing for the Improvements, the City will issue and sell Bonds in the
amount of $4,266,900. To provide in part the additional interest required to market the Bonds at
this time, additional Bonds will be issued in the amount of $43,100. The excess of the purchase
price of the Bonds over the sum of $4,266,900 will be credited to the debt service fund for the
Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will
be issued, sold and delivered in accordance with the terms of the following Terms of Proposal.
WHEREAS, Springsted, Incorporated is authorized and directed to negotiate the Bonds in
accordance with the foregoing Terms of Proposal. The City Council will meet at 6:30 o'clock P.M.
on Monday, June 22, 1998, to consider proposals on the Bonds and take any other appropriate
action with respect to the Bonds.
NOW THEREFORE BE IT RESOLVED, that the above bonds be issued.
RESOLUTION NO. 98 - 77
Page -2-
Adopted by the City Council of Lino Lakes this 26th day of May, 1998
(111A/Vt_110-7
Marilyn G. Anderson, Clerk Treasurer
Ki"'ber A. Ilivan - Mayor
The motion for the adoption of the foregoing resolution was duly seconded by council Member
Lyden and upon vote being taken thereon, the following voted in favor thereof: Bergeson, Dahl,
Neal, Lyden, Sullivan.
The following voted against same: none.
Where upon said resolution was declared duly passed and adopted: