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2021-02-10 CC Packet
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2021-02-10 CC Packet
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name of Cede & Co. as nominee of Depository Tr <br />will act as securities depository of the Bonds. <br /> <br />Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof <br />of a single maturity through book entries made on the books and records of DTC and its participants. <br />Principal and interest are payable by the City through Northland Trust Services, Inc. Minneapolis, <br /> or its nominee as registered owner of the Bonds. <br />Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; <br />transfer of principal and interest payments to beneficial owners by participants will be the responsibility <br />of such participants and other nominees of beneficial owners. The successful bidder, as a condition of <br />delivery of the Bonds, will be required to deposit the bond certificates with DTC. The City will pay <br />reasonable and customary charges for the services of the Paying Agent/Registrar. <br />DATE OF ORIGINAL ISSUE OF BONDS <br />Date of Delivery (Estimated to be March 31, 2021) <br />AUTHORITY/PURPOSE/SECURITY <br />The Bonds are being issued pursuant to Minnesota Statutes, Chapter 475. Proceeds from the issuance of <br />the Bonds will be used to current refund the 2022 through 2029 maturities <br />Obligation Improvement Bonds, Series 2013A on March 31, 2021 and to pay costs associated with <br />issuing the Bonds. The Bonds are payable from ad valorem taxes on all taxable property within the City. <br />The full faith and credit of the City is pledged to their payment and the City has validly obligated itself to <br />levy ad valorem taxes in the event of any deficiency in the debt service account established for this issue. <br /> <br />INTEREST PAYMENTS <br /> <br />Interest is due semiannually on each February 1 and August 1, commencing February 1, 2022, to <br />registered owners of the Bonds appearing of record in the Bond Register as of the close of business on the <br />fifteenth day (whether or not a business day) of the calendar month preceding such interest payment date. <br /> <br />MATURITIES <br /> <br />Principal is due annually on February 1, inclusive, in each of the years and amounts as follows: <br /> <br />Year Amount Year Amount <br /> <br />2022 $125,000 2026 $250,000 <br />2023 125,000 2027 225,000 <br />2024 110,000 2028 210,000 <br />2025 105,000 2029 185,000 <br /> <br />Proposals for the Bonds may contain a maturity schedule providing for any combination of serial bonds <br />and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject <br />to mandatory redemption in each year conforms to the maturity schedule set forth above. <br /> <br />INTEREST RATES <br /> <br />All rates must be in integral multiples of 1/20th or 1/8th of 1%. The rate for any maturity may not be <br />A-2 <br />CE155-29-699697.v1 <br /> <br />
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