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CC_Minutes_2004_0209
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CC_Minutes_2004_0209
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7/17/2007 9:27:09 AM
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7/13/2005 4:13:53 PM
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Roseville City Council
Document Type
Council Minutes
Meeting Date
2/9/2004
Meeting Type
Regular
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<br />BOOK ENTRY SYSTEM <br /> <br />The Bonds will be issued by means of a book entry system with no physical distribution of <br />Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, <br />representing the aggregate principal amount of the Bonds maturing in each year, will be <br />registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), <br />New York, New York, which will act as securities depository of the Bonds. Individual purchases <br />of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single <br />maturity through book entries made on the books and records of DTC and its participants. <br />Principal and interest are payable by the registrar to DTC or its nominee as registered owner of <br />the Bonds. Transfer of principal and interest payments to participants of DTC will be the <br />responsibility of DTC; transfer of principal and interest payments to beneficial owners by <br />participants will be the responsibility of such participants and other nominees of beneficial <br />owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the <br />Bonds with DTC. <br /> <br />REGISTRAR <br /> <br />The City will name the registrar that shall be subject to applicable SEC regulations. The City will <br />pay for the services of the registrar. <br /> <br />OPTIONAL REDEMPTION <br /> <br />The Bonds will not be subject to payment in advance of their respective stated maturity dates. <br /> <br />SECURITY AND PURPOSE <br /> <br />The Bonds will be general obligations of the City for which the City will pledge its full faith and <br />credit and power to levy direct general ad valorem taxes. In addition the City will pledge special <br />assessments against benefited properties. The proceeds will be used to refund the March 1, <br />2005 through March 1, 2012 maturities of the City's General Obligation Improvement Bonds, <br />Series 23, dated March 21, 1997. <br /> <br />TYPE OF PROPOSALS <br /> <br />Proposals shall be for not less than $1,747,240 and accrued interest on the total principal <br />amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in <br />the form of a certified or cashier's check or a Financial Surety Bond in the amount of $17,600, <br />payable to the order of the City. If a check is used, it must accompany the proposal. If a <br />Financial Surety Bond is used, it must be from an insurance company licensed to issue such a <br />bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to <br />Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must <br />identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the <br />Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is <br />required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's <br />check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central <br />Time, on the next business day following the award. If such Deposit is not received by that <br />time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. <br />The Deposit received from the purchaser, the amount of which will be deducted at settlement <br />and no interest will accrue to the purchaser, will be deposited by the City. In the event the <br />purchaser fails to comply with the accepted proposal, said amount will be retained by the City. <br />No proposal can be withdrawn or amended after the time set for receiving proposals unless the <br />meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to <br /> <br />- 11 - <br />
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