1987-032 Council Resolution - Laserfiche WebLink

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• OFFICIAL TERMS OF OFFERING $1,650,000 CITY OF LINO LAKES, MINNESOTA GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES I987A Sealed bids for the Bonds will be opened by the City Administrator or his designee on Monday, August 24, 1987, at 11:00 A.M., Central Time, at the office of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101 -2143. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the some 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 Purchaser, 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 books 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 I, 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 at 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 full 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 BID 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 set 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 Purchaser, the amount of which will be deducted at settlement. No bid shalt be withdrawn after the time set for opening bids unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to Onother date without award of the Bonds having been made. Rates offered by Bidders shall be in integral multiples of 5/100 or 1/8 of 1%.