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1987-032 Council Resolution
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1987-032 Council Resolution
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Last modified
10/24/2014 11:51:00 AM
Creation date
10/24/2014 11:04:08 AM
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City Council
Council Document Type
Council Minutes
Meeting Date
07/27/1987
Council Meeting Type
Regular
Resolution #
87-032
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Project Designation & Description: 1987 Improvement Projects <br />Project Cost <br />Uhde $ 448,343 <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 />(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 City <br />will therefore issue and sell Bonds in the amount of $1,633,500. In <br />order to provide in part the additional interest required to market <br />the Bonds at this time, additional Bonds shall be issued in the amount <br />of $16,500. Any excess of the purchase price of the Bonds over the <br />sum of $1,633,500 shall be credited to the debt service fund for the <br />Bonds for the purpose of paying interest first coming due on the <br />additional Bonds. The Bonds will be issued, sold and delivered in <br />accordance with the terms of the following Official Terms of Offering: <br />• <br />
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