02-28-2007 Council Agenda - Laserfiche WebLink

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INTRODUCTORY STATEMENT This Preliminary Official Statement contains certain information regarding the City of Little Canada, Minnesota (the "City") and the issuance of its $2,205,000 General Obligation Permanent Improvement Revolving Fund Bonds, Series 2007A (the "Bonds "). Any descriptions or summaries of the Bonds, statutes, or documents included herein are not intended to be complete and are qualified in their entirety by reference to such statutes and documents and the form of the Bonds to be included in the resolution awarding the sale of the Bonds to be adopted by the City Council on February 28, 2007. Inquiries may be directed to Ehlers & Associates, Inc. ( "Ehlers" or the "Financial Advisor "), Roseville, Minnesota, (651) 697 -8500, the City's Financial Advisor. A copy of this Preliminary Official Statement may be downloaded from Ehlers' web site at www.ehlers- inc.com by connecting to the link to the Bond Sales and following the directions at the top of the site. THE BONDS GENERAL The Bonds will be issued in fully registered foi in as to both principal and interest in denominations of $5,000 each or any integral multiple thereof, and will be dated, as originally issued, as of March 22, 2007. The Bonds will mature on February 1 in the years and amounts set forth on the cover of this Preliminary Official Statement. Interest will be payable on February 1 and August 1 of each year, commencing August 1, 2007, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360 -day year of twelve 30- day months and will be rounded pursuant to rules of the MSRB. All Bonds of the same maturity will bear interest from date of issue until paid at a single, uniform rate. The Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ( "DTC "). (See "Book -Entry-Only System" herein.) As long as the Bonds are held under the book -entry system, beneficial ownership interests in the Bonds may be acquired in book -entry form only, and all payments of principal of, premium, if any, and interest on the Bonds shall be made through the facilities of DTC and its Participants. If the book -entry system is terminated, principal of, premium, if any, and interest on the Bonds shall be payable as provided in the resolution awarding the sale of the Bonds. The City will select a bank or trust company to act as paying agent (the "Paying Agent "). The City will pay the charges for Paying Agent services. The City reserves the right to remove the Paying Agent and to appoint a successor.