res_10737 - Laserfiche WebLink

Home

B. WHEREAS, the refunding of the Refunded Bonds on the Call Date is consistent with covenants made with the holders thereof, and is necessary and desirable for the reduction of debt service cost to the City; and C. WHEREAS,. the City Council hereby determines and declares that it is necessary and expedient to issue $1,070,000 General Obligation Refunding Improvement Bonds, Series 2009B, pursuant to Minnesota Statutes, Chapter 475, to provide moneys for a current refunding of the Refunded Bonds; and D. WHEREAS, it is in the best interests of the City that the Bonds be issued in book- entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Roseville, Minnesota, as follows: 1. Acceptance of Pro osal. The proposal of UBS Financial Services Inc. in New York, New York (the "Purchaser"), to purchase the Bonds in accordance with the terms and at the rates of interest hereinafter set forth, and to pay therefor the sum of $1,091,612.70, plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to said proposal maker. The City Manager is directed to retain the deposit of said proposal maker and to forthwith return to the unsuccessful bidders their good faith checks and drafts. 2. Terms of Bonds. (a) Original Issue Date; Denominations• Maturities. The Bonds shall be dated August 1, 2009, as the date of original issue and shall be issued forthwith on or after such date in fully registered form. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations"). The Bonds shall mature on March 1 in the years and amounts as follows: Year Amount 2010 $215,000 2011 205,000 2012 215,000 2013 210,000 2014 225,000 All dates are inclusive. As maybe requested by the Purchaser, one or more term Bonds maybe issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions maybe made to the provisions of the applicable Bond(s). (b) Book Entr~nly S stem. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder (the "Depository") will act as securities depository for the Bonds, and to this end: 2377316v1 2