Res. #09-022 - G.O Improvement Crossover Refunding Bonds

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BOOK-ENTRY SYSTEM: DATE OF ORIGINAL ISSUE OF BONDS: AUTHORITYIPURPOSE: INTEREST PAYMENTS: MATURITIES: INTEREST RATES: The Bonds will be issued by means of a book-entry system with no physical distribution of Bonds made to the public. The Bonds will be issued in fully registered form and one bond certificate, representing the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of Depository Trust Company ("DTC"), New York, New York, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the City through Northland Trust Services, Inc., Minneapolis, Minnesota (the "Paying AgentlRegistrar"), to DTC, or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The successful proposal maker, as a condition of delivery of the Bonds, will be required to deposit the bond certificates with DTC. The City will pay reasonable and customary charges for the services of the Paying AgentlRegistrar. November I, 2009. The Bonds are being issued pursuant to Minnesota Statutes, Chapters 475 and 429. Proceeds will be used to crossover refund the 2011 through 2022 maturities of the City's General Obligation Improvement Bonds, Series 2006A, dated September I, 2006. February I and August I, commencing August I, 2010, to registered owners of the Bonds appearing of record in the certificate register at the close of business on the fifteenth day (whether or not a business day) of the calendar month next preceding such interest payment date (the "Record Date"). February I, inclusive, in each of the years and amounts as follows: Year Amount Year Amount 2011 2012 2013 2014 $145,000 175,000 180,000 180,000 2015 2016 2017 2018 $190,000 195,000 215,000 1,195,000 Proposals for the Bonds may contain a maturity schedule providing for any combination of serial certificates and term certificates, subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory redemption in each year conforms to the maturity schedule set forth above. All rates must be in integral multiples of 1I2Oth or 1I8th of I %. Rates must be in level or ascending order. No limitation is placed upon the number of rates which may be used. All Bonds of the same maturity must bear a single uniform rate from date of issue to maturity.