05/13/2002 Council Packet - Laserfiche WebLink

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RECOMMENDATIONS Re: Recommendations for the Issuance Bonds, Series 2002A We respectfully request your consideration issue. Bond proceeds will be used to finance areas of the City. We recommend the following for the Bonds: of $2,730,000 General Obligation Improvement of our recommendations for the above -named street and utility improvement projects in various 1. Action Requested 2. Sale Date and Time 3. Authority and Purpose for the Bond Issue 4. Repayment Term 5. Security and Payment Cycle (a) Security (b) Source of Payment (c) First Payment Cycle To establish the date and time of receiving bids and establish the terms and conditions of the offering. Monday, June 24, 2002 at 11:00 A.M., with consideration for award by the City Council at 7:00 P.M. that same day. The Bonds are being issued pursuant to the City's Charter and Minnesota Statutes, Chapters 475 and 429. Bond proceeds will be used to finance street and utility improvement projects in various areas of the City, as listed on Page 7. The Bonds will mature annually February 1, 2004 through 2013. Interest will be payable semi - annually each February 1 and August 1, commencing February 1, 2003. The Bonds will be general obligations of the City. The Bonds will be repaid from special assessments levied against benefited properties. Each year's first -half collection of assessments will be used to pay the interest payment due August 1 in the year of collection. Second -half collections of assessments plus surplus first -half collections will be used to pay the February 1 principal and interest payment due in the following year. The City will file assessments on all properties on or about October 15, 2002 for collection in 2003 Because the interest payment on February 1 2003 will come due prior to receipt of any assessment collections, the proceeds of the Bonds include an amount sufficient to make that payment.