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<br />. <br /> <br />$635,000 General Obligation Improvement Bonds of 2002 <br /> <br />Project Overview & FmancingTimeline Reconmendations <br /> <br />Proceeds of this issue will be used to finance street, cmb and gutter, sewer, water and storm <br />improvements in relation to the 2nd Phase of the Pheasant Marsh subdivision project <br /> <br />We recommend the following for the Bonds: <br /> <br />I. Action Requested <br /> <br />To establish the date and time of receiving financing bids. <br /> <br />2. Sale Date and Time <br /> <br />Wednesday, September 25, 2002 at 1 Loo A M, with award <br />by the City Council on the same day at 6:30 P. M <br /> <br />3. Estimated Bond Closing Date <br /> <br />The estimated closing date of the Bonds is October 14,2002. <br /> <br />4. Authority and Purpose <br /> <br />The Bonds are being issued pursuant to Minnesota <br />Statutes, Chapter 429 and 475 to finance street, cmb and <br />gutter, sewer, water and storm improvements within the City <br />and in relation to the Pheasant Marsh Phase 2 sobdivision <br />project. <br /> <br />5. Principal Amount of Offering <br /> <br />$635,000 <br /> <br />6. Repayment Term <br /> <br />The Bonds will mature annually on February 1, beginning in <br />2005 with the final matnti1y in 2014. Interest on the Bonds <br />will be payable on August 1, 2003, and sem;"nnnal1y <br />thereafter on each February 1 and August 1. <br /> <br />7. Source of Debt Service Revenues <br /> <br />Debt service will be payable from special assessments against <br />affected property owners and supported by ad valorem taxes <br />on all taxable property within the Ci1y. <br /> <br />8. Prepayment Provisions <br /> <br />Bonds maturing on or after February 1, 2009 will be <br />callable February 1, 2008 and any business date thereafter at a <br />price of par plus accrued interest <br /> <br />. <br />