1985-017 Council Resolution - Laserfiche WebLink

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Exhibit B OFFICIAL TERMS OF OFFERING $1,850,000 CITY OF LINO LAKES, MINNESOTA GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1985 Sealed bids for the Bonds will be opened by the City Council on Tuesday, October 15, 1985, at 7:00 P.M., Central Time, at the City Hall. Consideration for award of the Bonds will immediately follow the opening of bids. DETAILS OF THE BONDS The Bonds will be dated November 1, 1985 and will bear interest payable on May 1 and November 1 of each year, commencing May I, 1986. Interest will be computed upon the basis of a 360 -day year of twelve 30 -day months and will be rounded pursuant to rules of the MSRB. The Bonds will be issued in bearer form in the denomination of $5,000 each, or in integral multiples thereof as requested by the Purchaser, without interest coupons attached but will have the amount of interest due on the interest payment date thereof stated in the text of the Bonds. Principal will be payable at the main corporate office of the Registrar and interest on each Bond will be payable by check or draft of the Registrar mailed the last business day prior to the interest payment date to the registered holder thereof at his address as it appears on the books of the Registrar as of the 15th of the calendar month next preceding the interest payment. The Bonds will mature November 1 , [988. `The City may elect on November 1, 1987, or May I, 1988 to prepay Bonds due on November I, 1988. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and 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 costs of various improvements within the City. TYPE OF BID A sealed bid for not less than $1,826,875 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $18,500, payable to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Bidders shall specify a single rate which shall not exceed, nor shall the net effective rate for the entire Issue of the Bonds exceed the maximum rate permitted by law. •