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<br />DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving
<br />reasonable notice to City or its agent. Under such circumstances, in the event that a successor depository
<br />is not obtained, certificates are required to be printed and delivered.
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<br />The City may decide to discontinue use of the system of book-entry-only transfers through DTC (or a
<br />successor securities depository). In that event, certificates will be printed and delivered to DTC.
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<br />The information in this section concerning DTC and DTC’s book-entry system has been obtained from
<br />sources that the City believes to be reliable, but the City takes no responsibility for the accuracy thereof.
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<br />AUTHORITY AND PURPOSE
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<br />The Bonds are being issued pursuant to Minnesota Statutes, Chapters 444 and 475, including
<br />Section 475.58, subdivision 3b, and the City’s 2017-2021 Five-Year Street Reconstruction Plan adopted by
<br />the City on June 12, 2017 (the “Five-Year Street Reconstruction Plan”). The proceeds of the Bonds will
<br />be used to finance (i) various street reconstruction projects (the “Street Reconstruction Portion”);
<br />(ii) various water and sewer utility projects related to West Shadow Lake Drive (the “Water and Sewer
<br />Utility Portion”); and (iii) various water utility projects on Lake Drive (the “Water Utility Portion”) within
<br />the City.
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<br /> SOURCES AND USES OF FUNDS
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<br />The composition of the Bonds is estimated to be as follows:
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<br /> Street Water and Water
<br /> Reconstruction Sewer Utility Utility
<br /> Portion Portion Portion Total
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<br />Sources of Funds:
<br /> Principal Amount $5,124,000 $1,730,000 $315,000 $7,169,000
<br /> Estimated Reoffering Premium 89,021 29,614 8,835 127,470
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<br /> Total Sources of Funds $5,213,021 $1,759,614 $323,835 $7296,470
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<br />Uses of Funds:
<br /> Deposit to Project Fund $5,125,177 $1,726,760 $317,956 $7,169,893
<br /> Costs of Issuance 46,852 19,014 3,359 69,225
<br /> Underwriter’s Compensation 40,992 13,840 2,520 57,352
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<br /> Total Uses of Funds $5,213,021 $1,759,614 $323,835 $7,296,470
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