Res. #14-036 - Providing for the Sale of G.O. Imp. Refunding Bonds Series 2015A

Home Browse Search

Individual purchases of the Bonds may be made in the principal amount of$5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the City through Northland Trust Services Inc. Minneapolis, Minnesota(the"Paying Agent/Registrar"),to DTC, or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to 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 January 15, 2015 AUTHORITY/PURPOSE/SECURITY The Bonds are being issued pursuant to Minnesota Statutes,Chapters 429 and 475,as amended. Proceeds from issuance of the Bonds will be used to current refund on February 1, 2015, at a price of par,the 2016 through 2018 maturities of the City's General Obligation Improvement Crossover Refunding Bonds, Series 2009B and to pay costs associated with issuance of the Bonds.The Bonds are payable from special assessments levied against benefited properties and general ad valorem taxes.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 this issue. INTEREST PAYMENTS Interest is due semiannually on each February 1 and August 1, commencing August 1, 2015,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 of such interest payment date. MATURITIES Principal is due annually on February 1, inclusive,in each of the years and amounts as follows: Year Amount Year Amount Year Amount 2016 $20,000 2020 $120,000 2023 $200,000 2017 25,000 2021 190,000 2024 200,000 2018 25,000 2022 190,000 2025 205,000 2019 215,000 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 I%.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.