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2002-10-09 CC Packet
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2002-10-09 CC Packet
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<br /> <br />1880 :Main S treel ~ Cenlervi[[e, 'M5{ 55038 <br />(651) 429-3232 "'Fa:( (651) 429-8629 <br /> <br />RESOLUTION NO. #02-041 <br /> <br />A RESOLUTION A WARDING THE SALE OF $635,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS OF 2002 <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br /> <br />BE IT RESOLVED By the City Council of the City of Centerville, Anoka County, <br />Minnesota (City) as follows: <br /> <br />Section 1. <br /> <br />Sale of Bonds. <br /> <br />1.01. The proposal of Cronin & Co.. Inc (Purchaser) to purchase the Bonds of the City <br />described in the Terms of Offering thereof is hereby found and determined to be the highest and <br />best proposal received pursuant to duly advertised notice of sale and is hereby accepted, the <br />proposal being to purchase the Bonds at a price of $630.366.00 plus accrued interest to date of <br />delivery, for Bonds bearing interest as follows: <br /> <br />Year of <br />Maturitv <br />2005 <br />2006 <br />2007 <br />2008 <br />2009 <br /> <br />Interest <br />Rate <br />3.00% <br />3.00 <br />3.00 <br />3.00 <br />3.30 <br /> <br />Year of <br />Maturity <br />2010 <br />2011 <br />2012 <br />2013 <br />2014 <br /> <br />Interest <br />Rate <br />3.60% <br />3.75 <br />4.00 <br />4.00 <br />4.10 <br /> <br />Net interest cost: 3.7963 % <br /> <br />1.02. The sum of $4256.00 being the amount proposed by the Purchaser in excess of <br />$626.110.00 will be credited to the Debt Service Fund hereinafter created. The City Clerk is <br />directed to deposit the good faith check of the Purchaser, pending completion of the sale of the <br />Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The Mayor <br />and Clerk-Treasurer are directed to execute a contract with the Purchaser on behalf of the City. <br /> <br />1. 03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />Chapter 429 (Act) in the total principal amount of $635,000 originally dated November 1, 2002, <br />in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-l, upward, <br />bearing interest as above set forth, and maturing serially on February 1 in the years and amounts <br />as follows: <br /> <br />SJB-219247vl <br />CE1SS-19 <br />
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