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<br />Summcuy of Recommended Terms: <br /> <br />1. Type of Bond Sale <br /> <br />Public Offering - Sealed Bids <br /> <br />2. Proposals Received <br /> <br />Wednesday, July 22, 2009 @ 10;30 A.M. <br /> <br />3. Council Consideration <br /> <br />Wednesday, July 22, 2009 @ 6:30 P.M. <br /> <br />4. Repayment Term <br /> <br />The Bonds will mature annually each February <br />1, 2012 - 2025. Interest on the Bonds will be <br />payable on August 1, 2010 and semiannually <br />thereafter on each August 1 and February 1. <br /> <br />5. Security <br /> <br />A combination of special assessments against <br />benefitting property owners and a debt service <br />tax levy will be utilized to pay debt service on <br />the bonds. <br /> <br />6. Prepayment Option <br /> <br />The Bonds maturing February 1, 2019 - 2025 <br />will be subject to prepayment on February 1, <br />2018 at a price of par plus accrued interest. <br /> <br />7. Tax Status <br /> <br />Bradley & Deike, Edina, MN <br /> <br />8. Credit Enhancement <br /> <br />We believe a credit rating will be cost <br />beneficial. The City's general obligation debt <br />is currently rated A2 by Moody's Investors <br />Service. Northland Securities will work with <br />City staff and Standard & Poors on the <br />assignment of a new bond rating. <br /> <br />Page 3 <br /> <br />NORTHLAND~SECU RITIES <br /> <br />34 <br />