Res. #06-038 - Awarding Sale of $2,700,000 G.O. Impr. Bonds, Series 2006A

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Obligation Improvement Bonds, Series 2006A (Bonds) of the City described in the Terms of Offering thereof is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $2,675,700 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Maturitv Interest Rate Year of Maturitv Interest Rate 2009 2010 2011 2012 2013 2014 3.70% 3.75% 3.80% 3.85% 3.90% 3.95% 2017 2018 2019 2020 2021 2022 4.05% 4.10% 4.15% 4.20% 4.25% 4.30% Term Bond due March I, 2016 at 4.00%. Net interest rate: 4.19950% 1.03. Purchase Contract. The sum of $28,200 being the amount proposed by the Purchaser in excess of $2,647,500 shall be credited to the Debt Service Fund hereinafter created, or deposited in the Construction Fund under Section 4.01 hereof, as determined by the City's financial advisor. The City Finance Director is directed to retain the good faith check of the Purchaser, pending completion of the. sale of the Bonds, and to retum the good faith checks of the unsuccessful proposers. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf ofthe City. 1.04. Terms and Princioal Amounts of the Bonds. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 429 (Act) in the total principal amount of $2,700,000, originally dated September I, 2006, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-I, upward, bearing interest as above set forth, and maturing serially on March 1 in the years and amounts as follows: Ycar Amount Year Amount 2009 $135,000 2017 $205,000 2010 145,000 2018 215,000 2011 150,000 2019 220,000 2012 160,000 2020 235,000 2013 170,000 2021 250,000 2014 175,000 2022 260,000 Term Bonds due March 1,2016 in the aggregate principal amount of $380,000. 294858v3 SIB CE155-26 3