2004-05-26 WS & CC Meeting - Laserfiche WebLink

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" * $2,200,000 General Obligation Improvement Bonds, Series 2004B Project Overview & Financing Recommendations Proceeds of this issue will be used to finance the 2004 Street Reconstruction Project. We reconunend the following for the Bonds: L A ward Sale A ward the purchase of the bonds to the low bidder ~ Wells Fareo, 2, Bid Receipt - Date and Time Wednesday, May 26, 2004 at 11:00 A, M" with award by the City Council on the same day at 6:30 P,M, 3, Estimated Bond Closing Date The estimated closing date (dste that bond proceeds are available) of the Bonds is June 22, 2004, 4, Authority and Purpose The Bonds are being issued pursuant to Minnesota Statutes, Chapter 429 and 475 to fmance the 2004 Street Reconstruction Improvements. 5, Principal Amount of Bonds $2,200,000 6, Repayment Term The Bonds will mature on Feb, 1,2006 through 2020, Interest on the Bonds will be payable February I, 2005 and semi-annually thereafter each February I" and August I", 7, Source of Debt Service Revenues Debt service will be payable from special assessments against affected property owners and ad valorem (property) taxes against all taxable property within the City, 8, Prepayment Provisions The City may elect on February I, 2011 and on any day thereafter to prepay or refinance bonds, %\{~~;~S'~i;~m'J~' _. For * $2,200,000 General Obligation Improvement Bonds, Series 2004B * Bonds purchased by Wells Fargo * Assignment of A2 Bond Rating by Moodys * Bonds AAA rated I Insured by MBIA Presented to: May 26, 2004 Mayor Terry Sweeney Members, City Council Kim Moore-Sykes, City Administrator City of Centerville 1880 Main Street Centerville, MN 55038 NORTHLAND_SECURITIES George D. Eilertson Sr, Vice President, Partner 612-851-5906