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<br />. <br /> <br />* $635,000 General Obligation Improvement Bonds of 2002 <br /> <br /> <br /> <br /> <br />Proceeds of this issue will be used to finance street, curb and gutter, sewer, water and storm improvements <br />within the City and in relation to the 2" Phase of the Pheasant Marsh subdivision project. <br /> <br />We recorrunend the following for the Bonds: <br /> <br />I. Action Requested <br /> <br />To award the purchase of the bonds to the low bidder - Cronin. <br /> <br />2. Bid Receipt - Date and Time <br /> <br />Wednesday, October 9,2002 at 11:00 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 (date that bond proceeds are <br />available) of the Bonds is October 23, 2002. <br /> <br />4. Authority and Purpose <br /> <br />The Bonds are being issued pursuant to Minnesota <br />Statutes, Chapter 429 and 475 to fmance street, curb and gutter, <br />sewer, water and storm improvements within the City and in <br />relation to the 2nd Phase of the Pheasant Marsh subdivision <br />project. <br /> <br />5. Principal Amount of Bonds <br /> <br />$635,000 <br /> <br />6. Repayment Term <br /> <br />The Bonds will mature annually on February I, beginning in <br />2005 with the fmal maturity in 2014. Interest on the Bonds will <br />be payable on August 1,2003, and semiannually thereafter on <br />each February 1st and August 1st. <br /> <br />7. Source of Debt Service Revenues <br /> <br />Debt service will be payable from special assessments against <br />affected property owners. <br /> <br />8. Prepayment Provisions <br /> <br />The City may elect on February 1,2007 and on any business day <br />thereafter to prepay or refmance bonds due on or after February I, <br />2008. <br />