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Last modified
6/12/2009 11:26:16 AM
Creation date
6/12/2009 11:17:33 AM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
6/8/2009
Resolution #
10713
Resolution Title
RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED SALE OF $1,660,000 TAXABLE GENERAL OBLIGATION HOUSING IMPROVEMENT BONDS, SERIES 2009A
Resolution Summary
Sale of $1,660,000 Taxable General Obligation Housing Improvement Bonds Series 2009A
Resolution Date Passed
6/8/2009
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SECURITY AND PURPOSE <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 fees <br />from benefited properties. The proceeds will be used to finance housing improvements in the <br />City's Westwood Village I Housing Improvement Area. <br />BIDDING PARAMETERS <br />Proposals shall be for not less than $1,638,420 and accrued interest on the total principal <br />amount of the Bonds. <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No proposal can be withdrawn or amended after the time set for receiving proposals unless the 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 />another date without award of the Bonds having been made. Rates shall be in integral multiples <br />of 5/100 or 1/8 of 1%. Rates are not required to be in level or ascending order; however, the <br />rate for any maturity cannot be more than 1 % lower than the highest rate of any of the <br />preceding maturities. Bonds of the same maturity shall bear a single rate from the date of the <br />Bonds to the date of maturity. No conditional proposals will be accepted. <br />GOOD FAITH DEPOSIT <br />Proposals, regardless of method of submission, shall be accompanied by a Deposit in the <br />amount of $16,600, in the form of a certified or cashier's check, a wire transfer, or Financial <br />Surety Bond and delivered to Springsted Incorporated prior to the time proposals will be <br />opened. Each bidder shall be solely responsible for the timely delivery of their Deposit whether <br />by check, wire transfer or Financial Surety Bond. Neither the City nor Springsted Incorporated <br />have any liability for delays in the transmission of the Deposit. <br />Any Deposit made by certified or cashier's check should be made payable to the City and <br />delivered to Springsted Incorporated, 380 Jackson Street, Suite 300, St. Paul, Minnesota <br />55101. <br />Any Deposit sent via wire transfer should be sent to Springsted Incorporated as the City's <br />agent according to the following instructions: <br />Wells Fargo Bank, N.A., San Francisco, CA 94104 <br />ABA #121000248 <br />For credit to Springsted Incorporated, Account #635-5007954 <br />Contemporaneously with such wire transfer, the bidder shall send an a-mail to <br />bond_services@springsted.com, including the following information; (i) indication that a wire <br />transfer has been made, (ii) the amount of the wire transfer, (iii) the issue to which it applies, <br />and (iv) the return wire instructions if such bidder is not awarded the Bonds. <br />Any Deposit made by the successful bidder by check or wire transfer will be delivered to the City <br />following the award of the Bonds. Any Deposit made by check or wire transfer by an <br />unsuccessful bidder will be returned to such bidder following City action relative to an award of <br />the Bonds. <br />If a Financial Surety Bond is used, it must be from an insurance company licensed to issue <br />such a bond in the State of Minnesota and pre-approved by the City. Such bond must be <br />submitted to Springsted Incorporated prior to the opening of the proposals. The Financial <br />Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial <br />Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then <br />that underwriter is required to submit its Deposit to the City in the form of a certified or cashier's <br />
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