02-14-1996 Council Agenda - Laserfiche WebLink

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02 -09 -1996 10:50 612 339 5897 6EST &FLANAOAN P.09 (1) Sec Examined Financial Forecast, Appendix B, for a further breakdown of Project Costs. (2) Includes S of deferred contractor fee and $80,000 deferred developer fees payable to Dammam Group, Incorporated. (3) Includes Costs of Issuance to be funded from proceeds of Bonds which will not exceed 296 ($77,800) of original principal amount of the Bonds. THE BONDS General: Payment of Princbml and Interest The Bonds are being issued in the aggregate principal amount of $3,890,000' and are dated and will bear interest from February 1, 1996. The Bonds have been issued only in book -entry form in one fully registered typewritten Bond for each maturity, as described below under the heading "Book Entry System." Principal of the Bonds (including principal paid as a result of the prepayment or redemption of the Bonds) will be paid at the principal corporate trust office of the Trustee, as Paying Agent, or any successor Paying Agent and Trustee. The Bonds will mature as set forth on the cover of this Official Statement and will bear interest at the respective rates per annum set forth on the cover page. Interest on the Bonds will accrue from and including the nominal date of the Bonds, February 1, 1996, and will be paid on February 1 and August 1 of each year, commencing August 1, 1996, by check or draft mailed to the registered holder of each such Bond as such owner appears on the Bond Register maintained by the Trustee as of the 15th day of the preceding month (the "Record Date "), or as to Bonds on which interest is in default, as of a date established by the Trustee which is not less than 15 days prior to the date of the proposed payment (the "Special Record Date "); provided, however, that any holder of not less than $100,000 principal amount of Bonds may file with the Trustee an instrument satisfactory to the Trustee requesting amounts payable to such holder to be paid by wire transfer on the day such payment is due; provided further that if such amount represents a payment of principal, such Bond shall have been presented to the Trustee. Interest will be calculated on the basis of a 360 -day year of twelve 30-day months. The Bonds will be subject to redemption upon the terms and conditions described under the heading "THE BONDS - Redemption Prior to Maturity,' herein. 'Preliminary, subject to change. -18- Page 20