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<br />r <br /> <br />'" <br /> <br />. <br /> <br />After due consideration of the proposals, Member <br /> <br />then <br /> <br />introduced the following resolution, and moved its adoption: <br /> <br />RESOLUTION #04-016 <br /> <br />A RESOLUTION AWARDING THE SALE OF $780,000 <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT <br />BONDS, SERIES 2004A; <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 (Purchaser) to <br />purchase $780,000 General Obligation Temporary Improvement Bonds, Series 2004A (Bonds) <br />of the City described in the Terms of Bond Sale thereof is found and determined to be a <br />reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of <br />$ plus accrued interest to date of delivery, for Bonds bearing interest at the rate of <br />% per annum. True interest cost: <br /> <br />1.02. The sum of $ being the amount proposed by the Purchaser in excess <br />of $772,200 will be credited to the Debt Service Fund hereinafter created. The City Clerk is <br />directed to retain 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 City Clerk 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 $780,000, originally dated April I, 2004, in <br />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 on Aprill, 2007. <br /> <br />1.04. Optional Redemption. The City may elect on April 1, 2005 and on any day <br />thereafter. Redemption may be in whole or in part and if in part, at the option of the City and in <br />such manner as the City will determine. If less than all Bonds of a maturity are called for <br />redemption, the City will notifY DTC (as defmed in Section 7 hereof) of the particular amount of <br />such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest <br />in such maturity to be redeemed and each participant will then select by lot the beneficial <br />ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus <br />accrued interest. <br />SJB-24476OvI <br />CEI5S-22 <br />