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<br />SUMMARY OF OFFERING
<br />
<br />$2,200,000
<br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2004B
<br />(Book-Entry Only)
<br />
<br />AMOUNT -
<br />
<br />$2,200,000.
<br />
<br />ISSUER -
<br />
<br />City ofCenterville, Minnesota (The "City").
<br />
<br />SALE DATE-
<br />OPENlNG-
<br />
<br />Wednesday, May 26, 2004.
<br />
<br />AWARD-
<br />
<br />11:00 A.M. Central Time, sealed proposals submitted or faxed to Northland Securities, Inc., 45 South Seventh Street, Suite
<br />2500, Minneapolis, Minnesota 55402, telephone: (612) 851-5900 or (800) 851-2920 or electronically on PARIT\"1'M
<br />
<br />6:30 P.M., Central Time, at the Centerville City Hall, 1880 Main Street, Centerville, M'mnesota 55386-0036.
<br />
<br />TYPE OF ISSUE-
<br />
<br />General Obligation Improvement Bonds, Series 20048 (the "Bonds"). See Authority and Purpose as well as Security and
<br />Estimaled Source and Uses of Funds herein for additional infonnatiolL
<br />
<br />SECURITY & PURPOSE -
<br />
<br />The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475, as amended. Proceeds will be used to
<br />provide money to finance public infrastructure improvements related to the City's 2004 Street and Utility Improvement
<br />Project Bonds are payable primarily from special assessments against all benefited property. The full faith and credit of the
<br />City is pledged to their payment and the City has validly obligated itself to levy additional ad valorem taxes in the event of any
<br />deficiency in the Debt Service Account established for this issue. See Authority and Purpose as well as Security and Estimated
<br />SQurce and Uses of Funds herein for additional information.
<br />
<br />DATE OF ISSUE-
<br />
<br />June 1,2004.
<br />
<br />INTEREST PAID-
<br />
<br />February 1, 2005, and semiannually thereafter on August I and February I to registered owners appearing of record in the
<br />bond register as of the close of business on the fifteenth (15th) day (whether or not a business day) of the irmnediately
<br />preceding month.
<br />
<br />DENOMINATIONS -
<br />MATURITY
<br />
<br />$5,000.
<br />
<br />02/01/06
<br />02/01107
<br />02/0 lI08
<br />
<br />$110,000
<br />120,000
<br />120,000
<br />
<br />02101/09
<br />02101110
<br />02l0ll11
<br />
<br />$125,000
<br />130,000
<br />130,000
<br />
<br />02101/12
<br />02101/13
<br />02101114
<br />
<br />$135,000
<br />l40,ooo
<br />150,000
<br />
<br />02/01/15
<br />02/01116
<br />02/01/17
<br />
<br />$155,000
<br />160,000
<br />170,000
<br />
<br />02/01/18
<br />02/OlI19
<br />02101120
<br />
<br />$175,000
<br />185,000
<br />195,000
<br />
<br />REDEMPTION FEATURE- The City may eleeton February I, 2011.8!1d on any day thereafter, to prepay Bonds. Redemption may be in whole or in part
<br />and if in part at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are
<br />called for redemption, the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will determine by
<br />lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the
<br />beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest.
<br />
<br />BOOK-ENTRY - Bonds will be issued as fully registered and, when issued, will be registered in the name of Cede & Co., as nominee of The
<br />Depository Trust Company, New York, New York, to which principal and interest payments will be made. Individual
<br />purchases will be made in book~ntry form only, in the principal amount of $5,000 or any whole multiple thereof. Purchasers
<br />will not receive physical delivery of Bonds.
<br />
<br />PAYING AGENTIREGISTRAR - U.S. Bank National Association, St. Paul, Minnesota..
<br />
<br />l\.ffiTHOD OF SALE - Sealed or electronic proposals. Good faith deposit in the amount 0[$44,000 at a price of not less than $2,161,500 and accrued
<br />interest. See Official Terms of Bond Sale herein for additional information.
<br />
<br />TAX DESIGNATIONS - NOT Private Activitv Bonds - These Bonds are not "private activity bonds" as defined in Sectionl41 of tile Internal Revenue
<br />Code ofl986, as amended (the Code).
<br />
<br />Oualified Tax-Exemnt Oblie:ations - The City will designate these Bonds "qualified tax-exempt obligations" for purposes of
<br />Section 265(bX3) of the Code.
<br />
<br />LEGAL OPINION -
<br />
<br />Kennedy & Graven, Chartered, Minneapolis, Minnesota (the "Bond Counsel").
<br />
<br />RATING -
<br />
<br />The City was assigned a rating of"A2" by Moody's Investors Service.
<br />
<br />ESTIMATED CLOSING.
<br />PRIMARY CONTACTS-
<br />
<br />Within forty days after award, subject to approving Legal Opinion.
<br />
<br />Kim Moore-Sykes, City Administrator, City ofCenterville, (651) 429~3232.
<br />Teresa Bender, City Clerk, City ofCenterville, (651) 429.3232.
<br />George D. Eilertson, Senior Vice President.Partner, Northland Securities, Inc., (612) 851-5900 or (800) 851-2920.
<br />
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