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176 <br />COUNCIL MEETING <br />JULY 27, 1987 <br />Erickson's $354,789 <br />Trunk Water Improvements $618,260 <br />4th Avenue Improvements $ 79,072 <br />North Road $ 8,830 <br />Deer Pass Trail $ 10,342 <br />Subtotal $1,519,636 <br />Cost of Issuance $ 18,500 <br />Discount $ 16,500 <br />Capitalized Interest $110,432 <br />Subtotal $1,665,068 <br />Less: Reinvestment Income ( 15,068) <br />TOTAL BOND ISSUE $1,650,000 <br />• <br />(b) it is necessary and expedient to the sound financial <br />management of the affairs of the City to issue <br />$1,650,000 General Obligation Temporary Improvement <br />Bonds, Series 1987A (Bonds) pursuant to the Act to <br />provide financing for the Improvements. <br />2. In order to provide financing for the Improvements, the C <br />will therefore issue and sell Bonds in the amount of <br />$1,633,500. In order to provide in part the additional <br />interest required to market the Bonds at this time, addit- <br />ional Bonds shall be issued in the amount. of $16,500. Any <br />excess of the purchase price of the Bonds over the sum of <br />$1,633,500 shall be credited to the debt service fund for <br />the Bonds for the purpose of paying interest first coming <br />due on the additional Bonds. The Bonds will be issued, sold <br />and delivered in accordance with the terms of the following <br />Official Terms of Offering: <br />OFFICIAL TERMS OF OFFERING <br />$1,650,000 <br />CITY OF LINO LAKES, MINNESOTA <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1987A <br />Sealed bids for the Bonds will be opened by the City Administrator or <br />his designee on Monday, August 24, 1987, at 11:00 A.M., Central Time, <br />at the office of SPRINGSTED Incorporated, 85 East Seventh Place, Suite <br />100, Saint Paul, Minnesota 55101 - -2143. Consideration for award of <br />PAGE 6 <br />1 <br />