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Last modified
3/4/2009 11:43:32 AM
Creation date
3/4/2009 11:41:51 AM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
8/25/2008
Resolution #
10651
Resolution Title
RESOLUTION ACCEPTING PROPOSAL ON THE COMPETITIVE NEGOTIATED SALE OF $2,550,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 2008A, PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF
Resolution Summary
Accept Proposal on Competitive Negotiated Sale of General Obligtion Equipment Certificates
Resolution Date Passed
8/25/2008
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(i) The Depository may determine to discontinue providing its services with <br />respect to the Certificates at any time by giving written notice to the City and discharging <br />its responsibilities with respect thereto under applicable law. The City may terminate the <br />services of the Depository with respect to the Certificate if it determines that the <br />Depository is no longer able to carry out its functions as securities depository or the <br />continuation of the system of book-entry transfers through the Depository is not in the <br />best interests of the City or the Beneficial Owners. <br />(ii) Upon termination of the services of the Depository as provided in the <br />preceding paragraph, and if no substitute securities depository is willing to undertake the <br />functions of the Depository hereunder can be found which, in the opinion of the City, is <br />willing and able to assume the functions upon reasonable or customary terms, or if the <br />City determines that it is in the best interests of the City or the Beneficial Owners of the <br />Certificate that the Beneficial Owners be able to obtain certificates for the Certificates, <br />the Certificates shall no longer be registered as being registered in the bond register in the <br />name of the Nominee, but may be registered in whatever name or names the Holder of <br />the Certificates shall designate at that time, in accordance with paragraph 10 hereof. To <br />the extent that the Beneficial Owners are designated as the transferee by the Holders, in <br />accordance with paragraph 10, the Certificates will be delivered to the Beneficial <br />Owners. <br />(iii) Nothing in this subparagraph (c) shall limit or restrict the provisions of <br />paragraph 10. <br />• (d) Letter of Representations. The provisions in the Letter of Representations are <br />incorporated herein by reference and made a part of the resolution, and if and to the extent any <br />such provisions are inconsistent with the other provisions of this resolution, the provisions in the <br />Letter of Representations shall control. <br />3. Pu ose. The Certificates shall provide funds to finance the Project, particularly <br />for the acquisition of capital equipment having a useful life at least as long as the Certificates. <br />The total cost of the Project, which shall include all costs enumerated in Minnesota Statutes, <br />Section 475.65, is estimated to be at least equal to the amount of the Certificates. <br />4. Interest. The Certificates shall bear interest payable semiannually on March 1 and <br />September 1 of each year (each, an "Interest Payment Date"), commencing September 1, 2009, <br />calculated on the basis of a 360-day year of twelve 30-day months, at the respective rates per <br />annum set forth opposite the maturity years as follows: <br />Maturity Year Interest Rate Maturity Interest Rate <br />2010 3.20% 2015 3.40% <br />2011 3.20 2016 3.45 <br />2012 3.20 2017 3.40 <br />2013 3.25 2018 3.5~ <br />2014 3.40 <br /> <br />2214122v1 <br />
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