12-21-1994 Council Agenda - Laserfiche WebLink

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Attachment to: TERMS OF PROPOSAL $565,000 G.O. PERMANENT IMPROVEMENT REVOLVING FUND BONDS, SERIES 1995A CITY OF LITTLE CANADA, MINNESOTA Sealed proposals for the purchase of $565,000 G.O. Permanent Improvement Revolving Fund Bonds, Series 1995A (the "Bonds") of the City of Little Canada, Minnesota (the "City ") will be received at the offices of Ehlers and Associates, Inc., 2950 Norwest Center, 90 South Seventh Street, Minneapolis, Minnesota, until 11:00 A.M., Central Time, on January 25, 1995, when they will be opened, read and tabulated for presentation to the City Council. The proposals will be presented to the City Council for consideration for award at a meeting to be held in the City at 7:30 P.M., Central Time, on the same date The Bonds will be general obligations of the City for which the City will pledge its full faith, credit and taxing powers. The proposal offering to purchase the Bonds upon the terms specified herein and most favorable to the City will be accepted unless all proposals are rejected. Purpose The Bonds are being issued pursuant to Minnesota Statutes, Chapter 429.091, Subdivision 7a, and will be issued to provide funds for the purpose of financing various public improvements in the City. Dates and Maturities The Bonds will be dated February 1, 1995 as the date of original issue, will be issued as fully registered Bonds in the denomination of $5,000 each, or any integral multiple thereof, and will mature on February 1 in the following years and amounts: Year Amount Year Amount 1997 $55,000 2002 $55,000 1998 55,000 2003 55,000 1999 55,000 2004 60,000 2000 55,000 2005 60,000 2001 55,000 2006 60,000 Redemption At the option of the City, Bonds maturing on or after February 1, 2003 shall be subject to prior payment on February 1 2002, or any date thereafter, at a price of par and accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the Bonds remaining unpaid which have the latest maturity date shall be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment, the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed. Page 82