1979 Rec./Disb./Resolutions & Minutes

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OFflCIAL TERI'tIS OF BOND SALE $215,000 CITY OF CENTERVILLE, r,UNNESOT A GENERAL'OBIJGATION L~lPROVEMENT E{)NDS OF 1979 Trlese Bonds (the "ObligationsU) \vill be offered for sale on sealed t>ids on IVIonday, April 30, 1979. Bids \vill be opened and acted upon at 7:30 P.M., Central 1'ime, at Centerville City Hall. The Obligations \vill be offered upon the follo\ving terms: DETAILS OF TI-IE OBLIGl\TIONS The Obligations vlill be dated June 1, 1979, and v'lill bear interest paya.ble on each April!, and October 1 to maturity, commencing Aprill, 1980. The Obligations ,vil1 be .general obligations of the Issuer for which its full faith and credit and unlimited taxing pOvvers will be pledged in addition to special assessments against benefited property. The Obligations will be non-registrable in bearer forrn ~lith interest coupons attached, and V'lill be of the denomination of $5,000 each unless other denominations are requested by the Purchaser ~vithin 48 hours after the award. 1'he proceeds \viII be used to finance various improvements in the City. The Obligations v~ill mature April 1, in the amounts and years as follov\fs: $10,000 $15,000 1981-1997 1998-2000 All Obligations maturing on or after April 1, 1990 at the option of the Issuer \vill be subject to rede mption prior to maturity in inverse o['der of serial numbers on Apr n 1, 1989 and any interest payment date thereafter, at a price of par and accrued interest. TYPE OF BID A sealed bid for not less than $2"11,000 fu~d accrued interest on tlle total principal amount of the Obligations, and a certified or cashier's check in the amount of $2,150 payable to the order of the Issuer must be filed \vith the undersigned or the Issuer's Fiscal Advisor, Springsted Incorporated, prior to the time of sale; no bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the Issuer as liquidated damages in the event the Purchaser fails to comply with the accepted bid. No bid may be withdra\tvn until the conclusion of the meeting of the Issuer at \vhich bids are to be acted upon. RA TES Bidders may not specify more than 10 rates each of vlhich must be in aI1 integral multiple of 5/100 or 1/8 of 1 % not exceeding 7% per annum. All Obligations of the same maturity must bear a single rate from the date of issue to maturity. No rate may exceed the rate specified for any subsequent maturity by more than 1.5% per annum. Additional coupons may not be used. The net effective average rate of the Issue may not exceed 7% per annum. A \V ARD A\vard \vill be made on the basis of the lowest dollar interest cost determined by