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2003-06-25 CC Packet
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2003-06-25 CC Packet
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<br />* $740,000 General Obligation Temporary Improvement Bonds, Series 2003 <br /> <br />Project Overview & Financing Recommendations <br /> <br />Proceeds of this issue will be used to fInance the Peltier Preserve improvement project within the City. <br /> <br />We recommend the following for the Bonds: <br /> <br />1. Action Requested <br /> <br />To award the purchase of the bonds to the low bidder - Northland <br />Securities. Inc. <br /> <br />2. Bid Receipt - Date and Time <br /> <br />Wednesday, June 25, 2003 at 11 :00 A. M., with award <br />by the City Council on the same day at 6:30 P.M. <br /> <br />3. Estimated Bond Closing Date <br /> <br />The estimated closing date (date that bond proceeds are <br />available) of the Bonds is July 16, 2003. <br /> <br />4. Authority and Purpose <br /> <br />The Bonds are being issued pursuant to Minnesota <br />Statutes, Chapter 429 and 475 to fInance the Peltier Preserve <br />Improvement Project (developer petitioned). <br /> <br />5. Principal Amount of Bonds <br /> <br />$740,000 <br /> <br />6. Repayment Term <br /> <br />The Bonds will mature on July 1, 2006. Interest on the Bonds <br />will be payable January 1, 2004 and semi-annually thereafter on <br />each July I st and January 1 st. <br /> <br />7. Source of Debt Service Revenues <br /> <br />Debt service will be payable from special assessments against <br />affected property owners. <br /> <br />8. Prepayment Provisions <br /> <br />The City may elect on July I, 2004 and on any business day <br />thereafter to prepay or refmance bonds. <br />
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