2003-06-25 CC Packet - Laserfiche WebLink

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AUmORITY AND PURPOSE The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475, as amended. Proceeds will be used to provide moneys for the temporary financing of various assessable improvements within the City in- cluding but not limited to streets, sanitary sewer, water main & line extensions, storm sewer, sidewalks and curb & gutter. Bonds are payable primarily from special assessments against all benefited property. SECURITY AND ESTIMATED SOURCE AND USES OF FUNDS Security At closing Bond Counsel will render an opinion that the Bonds are valid and binding general obligations of the City of Centerville, Minnesota. Bonds will be payable primarily from special assessments against all benefited property. The full faith and credit of the City is pledged to their payment and the City has validly obligated it- self to levy additional ad valorem taxes in the event of any deficiency in the Debt Service Account established for this issue. Taxes will be levied upon all of the taxable property within the City and without limitation of amount. Estimated Source and Uses of Funds Following are the expected source and uses of funds in connection with the issuance of the 2003A Bonds. 1. Source of Funds General Obligation Temporary Improvement Bonds, Series 2003 $740.000 II. Uses of Funds Estimated Costs to be Financed: Peltier Preserve Other Improvements Water Trunk Oversizing $580,000 125,000 10.000 Total Estimated Costs to be Financed $715,000 Add Estimated Issuance Costs: capitalized interest (7 Months) cost of issuance and underwriter's discount $ 6,475 20.225 Total Estimated Issuance Costs 26.700 Subtotal $741,700 Less Rounding factor ( 1.700) Par Amount of Bond Issue $740.000 -10-