05-13-2020 Council Packet - Laserfiche WebLink

Home Browse Search

12596751v1 a total of approximately $83,500 to $96,000. The actual amount will be based on the actual amount of the bonds ultimately issued The 2020 Bonds are currently anticipated to be issued in June, depending on market conditions, given the current volatile market situation. The Bonds, as issued, shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property or funds of the City except the revenues and proceeds pledged to the payment thereof, nor shall the City be subject to any liability thereon. The holders of the Bonds shall never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment thereof against any property of the City. The Bonds will recite in substance that the Bonds, including interest thereon, are payable solely from the revenue and proceeds pledged to the payment thereof. The Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. Taft Stettinius & Hollister LLP, formerly known as Briggs and Morgan, will act as the City’s bond counsel and Northland Securities will act as the underwriter for the transaction. The Bonds will be publicly offered through a preliminary official statement. U.S. Bank National Association will act as the trustee for the bondholders pursuant to an Indenture of Trust with the City. The City will loan the proceeds of the Bonds to the Borrower pursuant to a Loan Agreement. Under the Loan Agreement, the Borrower assumes all of the obligations for payment of the Bonds and will make payments directly to the Trustee for that purpose. The City Council will consider a resolution on Wednesday, May 13th, following a public hearing, that approves the issuance of the Bonds. Because the meeting is being held remotely, we have discussed the need for a toll-free number to be available for the public to attend the public hearing. A representative from Presbyterian Homes will be available at the public hearing to answer any questions. Please feel free to contact me if you have additional questions or comments. I can be reached at 612-977-8765 or ccourtney@taftlaw.com.