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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />AUTHORITY AND PURPOSE <br /> <br />Authority <br /> <br />The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475, as amended. At closing <br />Bond Counsel will render an opinion that the Bonds are valid and binding general obligations of the City of <br />Centerville. Bonds will be payable primarily from special assessments against all benefitted property. The full <br />faith and credit of the City is pledged to their payment and the City has validly obligated itself to levy additional <br />ad valorem taxes in the event of any deficiency in the Debt Service Account established for this issue. Taxes <br />will be levied upon all of the taxable property within the City and without limitation of amountInterest is ex- <br />cluded from gross income for United States income tax purposes and is excluded, to the same extent, from both <br />gross and taxable net income for State of Minnesota income tax p':"'J'Oses (other than Minnesota franchise taxes <br />measured by income and imposed on corporations and financial Institutions.) Interest is not an item of tax <br />preference for purposes of the federal alternative minimum tax imposed on individuals and corporations or the <br />Minnesota alternative minimum tax applicable to individuals, estates or trusts. However, for the purposes of <br />computing the federal alternative minimum tax imposed on corporations, such interest is taken into account for <br />the purpose of determining adjusted current earnings. No opinion will be expressed by Bond Counsel regarding <br />other state or federal consequences caused by the receipt or accrual of interest on the Bonds or arising with re- <br />spect to ownership of the Bonds. See Appendix A - Legal Opinion. <br /> <br />Purpose <br /> <br />Proceeds of the Bonds will be used to provide moneys for the financing of assessable improvements within the <br />City, including but not limited to streets, sanitary sewer, water main & line extensions, storm sewer, sidewalks <br />and curb & gutter. <br /> <br />ESTIMATED SOURCE AND APPLICATION OF FUNDS <br /> <br />I. Source of Funds <br /> <br />General Obligation Improvement Bonds of 2002 <br />II. Application of Funds <br /> <br />$635.000 <br /> <br />Estimated Costs to be Financed: <br />Pheasant Marsh Phase 2 <br />engineering <br />contingency <br /> <br />$463,327 <br />71,249 <br />46,333 <br /> <br />Total Estimated Costs to be Financed <br /> <br />$580,909 <br /> <br />I <br />I <br />I <br />I <br />I <br /> <br />Add Estimated Issuance Costs: <br />issuance costs <br />capitalized interest (16 Months) <br />underwriter's discount (1.400% of par) <br /> <br />Total Estimated Issuance Costs <br /> <br />$ 15,150 <br />32,720 <br />8.890 <br /> <br />Subtotal <br /> <br />56.760 <br />$637,669 <br />( 1,l39) <br />( 1,530) <br /> <br />Less: estimated construction fund earnings <br />estimated contribution from City <br /> <br />Par Amount of Bond Issue <br /> <br />~61i,lliJ] <br /> <br />-9- <br /> <br />j <br />
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