09/25/2006 Council Packet - Laserfiche WebLink

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• • • (k) As required by the Act, the City has determined that: (i) the expected useful life of the Facilities will be at least five years; and (ii) the amount of principal and interest due in any year on all outstanding bonds issued by the City under the Act, including the Bonds, will not exceed .16 percent of the taxable market value of property in the City for taxes payable in 2006. (1) The City is authorized by Minnesota Statutes, section 475.60, subdivision 2(9) to negotiate the sale of the Bonds, it being determined that the City has retained an independent financial adviser in connection with such sale. 2. To provide monies to refund a portion of the Series 1998A Bonds as described in Section 1, the City will issue and sell Bonds in the amount of approximately $2,996,263. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of approximately $28,737. The excess of the purchase price of the Bonds over the sum of $2,996,263 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds, or applied to the refunding of the Series 1998A Bonds as determined by the City's financial advisor. The Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of Proposal: (The remainder of this page is intentionally left blank)