2012-099 Council Resolution - Laserfiche WebLink

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• • • Costs of Issuance Capitalized Interest Rounding Amount Total 41,225.00 27,286.33 1,248.67 $2,030,000.00 2. To provide financing for the above purposes, the City will therefore issue and sell its Bonds in the approximate amount of $2,030,000. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $2,013,760. The excess of the purchase price of the Bonds over the sum of $16,240 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 Official Terms of Proposal: THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OF PROPOSAL $2,030,000* CITY OF LINO LAKES, MINNESOTA GENERAL OBLIGATION BONDS, SERIES 2012A (BOOK ENTRY ONLY) Proposals for the Bonds and the Good Faith Deposit ( "Deposit ") will be received on Monday, October 22, 2012, until 11:30 A.M., Central Time, at the offices of Springsted Incorporated, 380 Jackson Street, Suite 300, Saint Paul, Minnesota, after which time proposals will be- opened and tabulated. Consideration for award of the Bonds will be by the City Council at 6:30 P.M., Central Time, of the same day. SUBMISSION OF PROPOSALS Springsted will assume no liability for the inability of the bidder to reach Springsted prior to the time of sale specified above. All bidders are advised that each Proposal shall be deemed to constitute a contract between the bidder and the City to purchase the Bonds regardless of the manner in which the Proposal is submitted. (a) Sealed Biddin'. Proposals may be submitted in a sealed envelope or by fax (651) 223 -3046 to Springsted. Signed Proposals, without final price or coupons, may be submitted to Springsted prior to the time of sale. The bidder shall be responsible for submitting to Springsted the final Proposal price and coupons, by telephone (651) 223 -3000 or fax (651) 223 -3046 for inclusion in the submitted Proposal. Preliminary; subject to change.