05/26/1998 Council Packet - Laserfiche WebLink

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BOOK ENTRY SYSTEM The Bonds will be issued by means of a book entry system with no physical distribution of made to the public. The Bonds will be issued in folly-registered d Hng in each year, eNr'ilt Bond. be Bonds ma aggregate principal amount of the Bonds Trust Company ("DTC''). ill be representing gist d the 3m registered In the creme of Cede & Co. as Nominee of The Depository nt of $5,000 or any multiple thereof of a single w York. New York. which will act as securities depository of the Bonds. individual purchases Ne be made in the principal amou of the Bonds may participants. maturity through book entries made on registrar OTC or lts�n� ae as registered .t be the Principal and interest are payable by the g ents tv p�rt%�parits -.+of_ CMG -we l the Brands. Transfer of principal and ninterest i and payments payments to beneficial owners by responsibility will bit; transfer ib p ' ants will be the responsibility of such participhanBo�ds, whet�rregUite�d to deposit the participants owners. The purchaser, as a condition of delivery t e Bonds with DTC. REGISTRAR The e 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 pfepay Bands due on or r Fe�ary 1. Redemption may be in whole oriin�� and f In part at the maturity option of ahe after to be City and in such manner as the City shall DTC of the particular amount of such maturity called far redemption, the City will notify 0 re aid. DTC will determine by lot the amount of each participant's interest in such maturity to bebe and each participant will then select by be at a price of par oo n rs�ued interest sin such maturity to be redeemed. Ali prepayments shalt SECURITY AND PURPOSE for which the City will pledge its full faith special The Bonds will be general obligations of the City improvements credit and power to levy direct general ad valorem taxes. addition the City used to finance pledge assessments against benefited property. within the City. TYPE OF PROPOSALS Proposals shall be for not less than 51.960,000 and accrued interest on the total principal p i a Good Faith Deposit ("Deposit") in amount of the Bonds. proposers shall be accompanied by ro sat, If a the form of a certified or cashiers check or a Financial ltSurrel Bond in the each pt of $20,000. payable to the order of the City. if a check is used, Incensed to opos such a Financial Surety Bond is used, it must be �tnvedney the � GOS chnbend must be subrr►Rted to bond in the State of Minnesota. and preapp S rin sted Incorporated prior to the opening of the proposals. Financial Surety Surety Surety ond Bond If the identify each underwriter whose Deposit 1s guaranteed y Bond, then that ond. If purchaser �e Bonds are awarded to an sit to using Incorporated Surety the forme than certified fe P M• h�I required to submit Its as Instructed to Sp sted incorporated not later is not 30 Pved be that check or wire transfer as instructed by p n9 Time, thon e the next busies and may be drawn by the City to Deposit tisfy the Deposit deducted a. time, the will Surety B Tee City t al deposit the check accrue the purchaser. the purchaser. in the event the purchaser f can comply with and no interest will p a comply with the accepted proposal, said amount will be retained by the C'ty- proposal 11 mi • 1 oic_i M AV>'1 A 41171JIJa1 —WOJ. wdg1:EO 86- 61 —AEN