07/27/1987 Council Minutes - Laserfiche WebLink

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1 1 1 177 COUNCIL MEETING JULY 27, 1987 the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated September 1, 1987, as the date of original issue, and will bear interest payable on March 1 and September 1 of each year, commencing March 1, 1988. 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 the denomination of $5,000 each, or in integral multiples thereof as requested by the Purchases, and fully registered as to principal and interest. 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 to the registered holder thereof at his address as it appears on the hooks of the Registrar as of the 15th day of the calendar month next: preceding the interest payment. The Bonds will mature on September 1, 1990. OPTIONAL REDEMPTION The City may elect on September 1, 1989 and March 1, 1990 to prepay Bonds due on September 1, 1990. 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 a 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 fu]1 faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge special assessments levied against benefited property. The proceeds will be used to finance improvements within the City. TYPE OF BII) A sealed bid for not less than $1,633,500 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 sot for bid opening, a certified or cashier's check in the amount of $16,500, 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 PAGE 7