Res. #13-014 - Providing for the Sale of G.O. Improvement Bonds, Series 2013A, - $1,510,000

Home Browse Search

beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The successful bidder, as a condition of delivery of the Bonds, will be required to deposit the bond certificates with DTC. The City will pay reasonable and customary charges for the services of the Paying Agent/Registrar. DATE OF ORIGINAL ISSUE OF BONDS June 1, 2013 AUTHORITY/PURPOSE /SECURITY The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475, as amended. The proceeds of the Bonds will be used, together with any other available funds of the City, to finance street improvements within the City and pay the costs of issuing the Bonds. The Bonds are payable from special assessments levied against benefited property and additionally secured by ad valorem property taxes on all taxable property within the City. The full faith and credit of the City is pledged to their payment and the City has validly obligated itself to levy ad valorem taxes in the event of any deficiency in the debt service account established for the Bonds. INTEREST PAYMENTS Interest is due semiannually on each February 1 and August 1, commencing February 1, 2014, to registered owners of the Bonds appearing of record in the Bond Register as of the close of business on the fifteenth day (whether or not a business day) of the calendar month preceding such interest payment date. MATURITIES Principal is due annually on February 1 in each of the years and amounts as follows: Amoun Year Amount Year Amount Year Amount Year Amount Year t 2016 $100,00 2019 $100,00 2022 $105,00 2025 $110,00 202 $120,0 0 0 0 0 8 00 2017 100,000 2020 105,000 2023 105,000 2026 115,000 202 120,00 9 0 2018 100,000 2021 105,000 2024 110,000 2027 115,000 Proposals for the Bonds may contain a maturity schedule providing for any combination of serial bonds and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory redemption in each year conforms to the maturity schedule set forth above. INTEREST RATES All rates must be in integral multiples of 1 /20th or 1 /8th of 1 %. Rates must be in level or ascending order. All Bonds of the same maturity must bear a single uniform rate from date of issue to maturity. ADJUSTMENTS TO PRINCIPAL AMOUNT AFTER PROPOSALS The City reserves the right to increase or decrease the principal amount of the Bonds. Any such increase or decrease will be made in multiples of $5,000 and may be made in any maturity. If any maturity is adjusted, the purchase price will also be adjusted to maintain the same gross spread. Such adjustments shall be made promptly after the sale and prior to the award of Proposals by the City and shall be at the sole discretion of the City. The successful bidder may not withdraw or modify its Proposal once submitted to the City for any reason, including post sale adjustment. Any adjustment shall be conclusive and shall be binding upon the successful bidder.