Laserfiche WebLink
<br />AUTHORITY AND PURPOSE <br /> <br />Authority <br /> <br />The Bonds are being issued pW"Sll8llt to Minnesota Statutes, Chapters 429 and 475, as amended. <br /> <br />Purpose <br /> <br />Proceeds will be used to provide money to finance public infrastructure improvements related to the City's 2004 <br />Street and Utility Improvement Project. <br /> <br />SECURITY AND ESTIMATED SOURCE AND USES OF FUNDS <br /> <br />Security <br /> <br />At closing Bond Counsel will render an opinion that the Bonds are valid and binding general obligations of the <br />City of Centerville. (See Appendix A - Legal Opinion). Bonds will be payable primarily from special assessments <br />against all benefitted property. The full faith and credit of the City is pledged to their payment and the City has <br />validly obligated itself to levy additional ad valorem taxes in the event of any deficiency in the Debt Service <br />Account established for this issue. Taxes will be levied upon all of the taxable property within the City and <br />without limitation of amount. <br /> <br />Estimated Source and Uses of Fuuds <br /> <br />I. Source of Funds <br /> <br />General Obligation Improvement Bonds, Series 2004B <br /> <br />$2,200,000 <br /> <br />II. Uses of Funds <br /> <br />Esrim.tlld Costs to be Financed: <br />Street and Utility Improvements <br />Cost of Issuance and Discount <br />Capita\ized Interest (10 mouths) <br /> <br />$62,925 <br />55.512 <br /> <br />$2,083,911 <br />118.437 <br />$2,202,348 <br /> <br />Total Costs to be Financed: <br /> <br />Less: Estimated Construction Fund Income <br />Less: Rounding <br /> <br />( <br /> <br />2,932) <br />584 <br /> <br />Total <br /> <br />$2.200 000 <br /> <br />-s- <br />