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2013-068 Council Resolution
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2013-068 Council Resolution
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Last modified
10/2/2014 3:51:53 PM
Creation date
10/2/2014 11:55:43 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
05/28/2013
Council Meeting Type
Regular
Resolution #
13-068
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• <br />SECURITY AND PURPOSE <br />The Bonds will be general obligations of the City for which the City will pledge its full faith and <br />credit and power to levy direct general ad valorem taxes. In addition, the City will pledge special <br />assessments against benefited properties. The proceeds will be used to finance various <br />improvements within the City. <br />TAXABILITY OF INTEREST <br />The interest to be paid on the Bonds is includable in gross income of the recipient for United <br />States and State of Minnesota income tax purposes, and is subject to Minnesota Corporate and <br />bank excise taxes measured by net income. <br />BIDDING PARAMETERS <br />Proposals shall be for not less than $607,620 plus accrued interest, if any, on the total principal <br />amount of the Bonds. No proposal can be withdrawn or amended after the time set for <br />receiving proposals unless the meeting of the City scheduled for award of the Bonds is <br />adjourned, recessed, or continued to another date without award of the Bonds having been <br />made. Rates shall be in integral multiples of 1/100 or 1/8 of 1 %. The initial price to the public <br />for each maturity must be 98.0% or greater. Bonds of the same maturity shall bear a single rate <br />from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. <br />GOOD FAITH DEPOSIT <br />Proposals, regardless of method of submission, shall be accompanied by a Deposit in the <br />amount of $6,150, in the form of a certified or cashier's check, a wire transfer, or Financial <br />Surety Bond and delivered to Springsted Incorporated prior to the time proposals will be <br />opened. Each bidder shall be solely responsible for the timely delivery of their Deposit whether <br />by check, wire transfer or Financial Surety Bond. Neither the City nor Springsted Incorporated <br />have any liability for delays in the transmission of the Deposit. <br />Any Deposit made by certified or cashier's check should be made payable to the City and <br />delivered to Springsted Incorporated, 380 Jackson Street, Suite 300, St. Paul, Minnesota <br />55101. <br />Any Deposit sent via wire transfer should be sent to Springsted Incorporated as the City's <br />agent according to the following instructions: <br />Wells Fargo Bank, N.A., San Francisco, CA 94104 <br />ABA #121000248 <br />for credit to Springsted Incorporated, Account #635- 5007954 <br />Ref: Lino Lakes, MN Series 2013A Good Faith Deposit <br />Contemporaneously with such wire transfer, the bidder shall send an e-mail to <br />bond services(a�springsted.com, including the following information; (i) indication that a wire <br />transfer has been made, (ii) the amount of the wire transfer, (iii) the issue to which it applies, <br />and (iv) the return wire instructions if such bidder is not awarded the Bonds. <br />Any Deposit made by the successful bidder by check or wire transfer will be delivered to the City <br />following the award of the Bonds. Any Deposit made by check or wire transfer by an <br />unsuccessful bidder will be returned to such bidder following City action relative to an award of <br />the Bonds. <br />424543v1 SJB LN140 -110 <br />A -4 <br />
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