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<br />* $780,000 General Obligation Temporary Improvement Bonds, Series 2004 <br /> <br />Project Overview & Financing Recommendations <br /> <br />Proceeds of this issue will be used to finance the Hunters Crossing Phase 2 improvement project within <br />the City. <br /> <br />We recommend the following for the Bonds: <br /> <br />1. Action Requested <br /> <br />To award the purchase of the bonds to the low bidder - United <br />Bankers Bank <br /> <br />2. Bid Receipt - Date and Time <br /> <br />Wednesday, March 10, 2004 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 AprilS 2004. <br /> <br />4. Authority and Purpose <br /> <br />The Bonds are being issued pursuant to Minnesota <br />Statutes, Chapter 429 and 475 to finance the Hunters Crossing <br />Phase 2 Improvement Project. <br /> <br />5. Principal Amount of Bonds <br /> <br />$780,000 <br /> <br />6. Repayment Term <br /> <br />The Bonds will mature on April 1, 2007. Interest on the Bonds <br />will be payable October 1, 2004 and semi-annually thereafter on <br />each April 1" and October 1 ". <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 April 1, 2005 and on any day thereafter to <br />prepay or refmance bonds. <br />