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V I - 1-1 R,el Recommendations for the Issuance of$9,700,000 General Obligation Municipal Builaing Bonds, Series 2003A, I , I We respectfully request your conside e ration of our rcommendations for the above-named issue. A, referendum was h�eld in the City, on November 51, 2,002. Voters authorized the issuance - of gen�eira�l obligation bonds In an amount not to exceed $91.7 million! to be used to I expan�d and improve the City's police and public works facilities. The proceeds of the Bonds will I e I be usd for that, purpose. El a 9 3 91 A fA KOZrs 1=5*N7t-3 Action Relquesteld 11 0 To establish the date and time, ofreceiving bids and establish the terms and conditions oft'he offering. Sale Date, and Time I Monday, February 10, 20103 at 11 -000 A.M., with consideration for award by the City Colu�ncil at 60.010 PI.M. that same day. Method of'Sale I n theinterest of obtain�in,g as many bids as a a V possibil�eii, we have inciuded a provision in the attached Terms of'Propoisal for underwriters to su�bm�it theirl bid electronically thro h the I electronic bidding plafform of PA,RI;P. In addition, physii�cal bids (by phone or fa,x�) will be accepted at the offices of Spiningsted. Authority for the Bond Issue I i The Bonds are being issued pursuant to Minnesota Statutes,, Chapter 475, and a bond referendurn held by the City on November 5, 2,1002. The referendum passed by a vote of 8,876 in favor to 8,04i3 a�gai�nst. Pdnct'p'al Amount of'Offefin'g $9170011000. Repayment Term The Bonds, mnli mature annually March 1,, 21,00�5 through 21,0191. Interest wiII b payable serni-annually each March I and a September 1 , com�m�encin�g March 1,, 20104. Securfty and Payment Cycle I