Resolution No. 97-18 EDA - Laserfiche WebLink

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• • sinking fund redemption and must conform to the maturity schedule set forth above at a price of par plus accrue: interest to the date of redemption. In order to designate term bonds, the proposal must specify "Last Year of Serial Maturities" and "Years of Term Maturities" in the spaces provided on the Proposal Form. BOOK ENTRY SYSTEM The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made to .he public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New "ork, which will act as securities depository of the Bonds. Individual purchases of the Bonds mai be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and inthrest are payable by the registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC: transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The pu -chaser, as a condition of delivery of the Bonds, will be required to deposit the Bonds with DTC REGISTRAR The Authority w 1 name the registrar which shall be subject to applicable SEC regulations_ The Authority will pay' for the services of the registrar. OPTIONAL REDEMPTION The Authority ri ay elect on February 1. 2005, and on any day thereafter, to prepay Bonds due on or after February 1, 2006_ Redemption may be in whole or in part and if in part at the option of the Authority and in such manner as the Authority shall determine. If less than all Bonds of a maturity are cal .d for redemption, the Authority 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 ';3 be redeemed and each participant will then select by lot the beneficial ownership inter: sts in such maturity to be redeemed. All prepayments shall be at a price of par plus accrued inti3rest. SECURITY AND PURPOSE The Bonds will be special obligations of the Authority payable solely from lease payments to be received from Vie City of Lino Lakes, Minnesota pursuant to a lease agreement and shall not constitute a debt for which the faith and credit or taxing powers of the Authority will be pledged. The proceeds will be used to finance the construction of a municipal complex to house City Hall, police facilities and a community education center. TYPE OF PROPOSALS Proposals shall be for not less than $3,447,500 and accrued interest on the total principal amount of the li onds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a c:.rtified or cashier's check or a Financial Surety Bond in the amount of $35,000, payable to the i:rder of the Authority. if a check is used; it must accompany each proposal. If a Financial Surety' Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the Authority. Such bond must be submitted to Soringsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify each underwater whose Deposit is guaranteed by such Financial Surety Bond. l.' the Bonds are awarded to an underwriter using a Financial Surety Bond, then