04/12/2010 Council Packet - Laserfiche WebLink

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• (b) Section 475.67, subdivision 4 of the Act permits the sale of refunding obligations during the six month period prior to the date on which the obligations to be refunded may be called for redemption; (c) it is necessary and expedient to the sound financial management of the City that the City issue approximately $1,015,000 General Obligation Improvement and Utility Revenue Refunding Bonds, Series 2010A (the "Bonds ") to refund certain outstanding general obligations of the City. (d) the outstanding bonds to be refunded (the "Refunded Bonds ") consist of the $1,330,000 General Obligation Improvement and Utility Revenue Bonds, Series 2004A, dated November 15, 2004, of which $965,000 in principal amount is currently outstanding and is callable on July 1, 2010. 2. The City will issue and sell Bonds in the amount of approximately $1,015,000. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $1,007,134. The excess of the purchase price of the Bonds over the sum of $7,866 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds, unless otherwise provided in the resolution awarding sale of the Bonds. The amounts cited above are subject to adjustment in accordance with the Terms of Proposal. The Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal: 366343v1 SJB LNI40 -106 —23—