2006-08-09 CC Packet - Laserfiche WebLink

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city staff and financial advisers in negotiating the sale of the Bonds are ratified and confirmed in all aspects. 1.02. Award to the Purr-nA'" and Interest Rates. The proposal of (Purchaser) to purchase $2,700,000 General Obligation Improvement Bonds, Series 2006A (Bonds) of the City described in the Terms of Offering thereof is hereby found and determined to be a reasonable otter and is hereby accepted, the proposal being to plU'Chase the Bonds at a price of $ plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Maturity . Interest Biltc Year of Maturity Interest BatI 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 True interest cost: 1.03. PurrJu.~ Contract. The sum of$ being the amount proposed by the Purchaser in excess of $2,647,500 shall be credited to the Debt Service Fund hereinafter created, or deposited in the Construction Fund under Section 4.01 hereof: as determined by the City's financial advisor. The City Finance Director is directed to retain the good 1B.itb. check of the Purchaser, pending completion of the sale of the Bonds, and to return the good fBith checks of the unsuccessful proposers. The Mayor and City ~dministrator are directed to execute a contract with the Purchaser on behalf of the City. 1.04. Terms and Principal AmnuntA of the HondA, The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 429 (Act) in the total principal amount of $3,000,000, originally dated September 1, 2006, in the denomination of $5,000 each or any integral multiple thereof: numbered No. R-l, upward, bearing interest as above set forth, and maturing serially on March 1 in the years and amounts as follows: Page 3 of22 .t!3