Res. #11-007 - Accepting Proposals on the Sale of $2,760,000 G.O. Refunding Bond

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Year Amount Yeaz Amount 2012 $195,000 2016 $365,000 2013 $350,404 2017 $375,000 2014 $360,000 2018 $385,000 2015 $365,000 2019 $365,000 1.03. The Bonds shall provide funds to finance the current refunding of the 2012 through 2018 maturities of the 2004 Bonds and the 2012 through 2020 maturities of the 2007 Bonds. It is hereby found, determined and declazed that the refunding of the 2004 Bonds and 2007 Bonds is pursuant to Minnesota Statutes. Section 475.67, is consistent with the covenants made to the Bondholders thereof, and shall result in a reduction of debt service cost to the City. 1.04. The portions of the maturities of the Bonds allocable to each of the bonds being refunded (the "Refunding Portions") are as follows: Payment 2004 Bonds 2007 Bonds , Date Refunding Portion Refunding Portion I � 7/1/12 $ 155,000 $ 40,000 � 7/1/13 $ 150,000 $ 200,000 , 7/1/14 $ 155,000 $ 205,000 7/1/15 $ 160,000 $ 205,000 7/1/16 $ 160,000 $ 205,000 , 7/1/17 $ 165,000 $ 210,000 , 7/1/18 $ 170,000 $ 215,000 7/1/19 $ 365,000 Totals $1,115,000 $1,645,000 ' 1.05. The Bonds sha11 bear interest paya.ble semiannually on January 1 and July 1 of I each year (each, an"Interest Payment Date") commencing on Januazy 1, 2012, calculated on the bases of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the Municipal Securities Rulemaking Board, at the respective rates per annum set forth opposite the maturity years as follows: Year Rate Ye�r Rate 2012 0.50% 2016 1.75% 2013 0.70% 2017 2.00% 2014 1.00% 2018 2.25% 2015 1,40% 2019 2.45% Net Effective Interest Rate: 1.9988423% _- - - _ _ - - Section 2. $oak En tr�Only�3vstem. Tiie Depository Tntst Company, a limited purpose trust company organized under the laws of the State of New York, or any of its 3