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OPTIONAL REDEMPTION <br />At the option of the City, Bonds maturing on or after February 1, 2013 shall be subject to prior payment on February <br />1, 2012 or any date thereafter, at a price of par plus accrued interest. <br />Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the selection <br />of the amounts and maturities of the Bonds to be prepaid shall be at the discretion of the City. If only part of the <br />Bonds having a common maturity date are called for prepayment, the City or Paying Agent, if any, will notify DTC <br />of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's <br />interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest <br />in such maturity to be redeemed. <br />Notice of such call shall be given by mailing a notice not more than 60 days and not fewer than 30 days prior to the <br />date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the <br />registration books. <br />AUTHORITY; PURPOSE <br />The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475, by the City for the purpose of <br />financing various public improvements within the City including the 2007 Street Reconstruction and Utility <br />Improvements. <br />ESTIMATED SOURCES AND USES <br />Sources <br />Uses <br />Par Amount of Bonds <br />City Funds <br />Ramsey County <br />MnDOT Grant <br />Estimated State Aid Funds - 2007 <br />Total Sources <br />$2,205,000 <br />345,000 <br />350,000 <br />400,000 <br />60,000 <br />Project Costs $3,261,000 <br />Contingency 4,228 <br />Discount Allowance 26,460 <br />Finance Related Expenses 30,800 <br />Capitalized Interest 37,512 <br />Total Uses <br />2 <br />$3,360,000 <br />$3,360,000 <br />