05/26/1998 Council Packet - Laserfiche WebLink

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BOOK ENTRY SYSTEM means of a book entry system no physical distribution of The Bonds will be -issued by red form and one Bond, Bonds made. td t ! li The Bonds will be issued in fully registered eon will d representing the aggregate pnndp - the Bonds maturing in each_�i n will be registered in the name of Cede & Co. as nominee of The Depository Trust Company New Park; New Yor6s,._which, will etc as amount of $5.Ory U0 or any Bonds. Individual purchases of a s in of the Mort may be made in the pnn c p fi>i maturity through book entries -made on the books --�' and records ominee as registered gtstered owner of Principal and Interest are payable by the registrar the Bonds. Transfer of prindpa! and interest d payments erest payments to beneficial vwlners tby responsibility of DTC; transfer of principal and participants will be the responsibility delivery participants h Bonds. will ebe required to deposit the owners. The purchaser, as a condition Bonds with DTC. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. OPTIONAL REDEMPTION The City may elect on February 1, 2006. and on any day thereafter, to prepay Bonds due on or after February 1, 2007• Redemption Ci shall 1 be in whole determine. orlf in part less than ailnBondstvf a ma unity are City and In such manner as the ty called for redemption, the City will notify DIG 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 to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge special assessments against benefited property. The proceeds will be used to finance various improvements within the City. TYPE OF PROPOSALS Proposals shall be for not less than $4,266,900 and accrued interest on the total principal amount of the Bonds. Prodosals shall be accompanied by a Good Faith Deposit ("Deposit'') in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $43,100, payable to the order of the City. If a check Is used, it must accompany each proposal. If a a Financial Surety Bond is used, it must be from an insurance company nd censed must to be Issue such ted to bond in the State of Minnesota. and ;reapproved by the City. o Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted incorporated in the form of a certified or cashier's check or wire transfer as Instructed by Springsted incorporated not later than 3:30 P.M.. Central Time on the next business day following the award. If such Deposit Is not received by that time. the Financial Surety Bornd may be drawn by the City to satisfy the Deposit requirement. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can nr7_J 1 I /Cn J OIC_I nICPICC71Q uaAVW1 V AnW0V -w0J.i wdll:EO 86- 61 -XENI