10/27/1986 Council Minutes - Laserfiche WebLink

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COUNCIL MEETING October 27, 1986 2. In order to provide financing for the Improvements and for refunding the 1982 Bonds, the City shall therefore issue and sell Bonds in the amount of $467,875. In order to provide in part the additional inter- est required to market the Bonds at this time, additional Bonds shall be issued in the amount of $7,125. Any excess of the purchase price of the Bonds over the sum of $467,875 shall be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on such additional Bonds. The Bonds shall be issued and sold in accordance with the terms of the following Official Terms of Offering: OFFICIAL TERMS OF OFFERING $475,000 CITY OF LINO LAKES, MINNESOTA GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1 986A Sealed bids for the Bonds will be opened by the City Administrator or his designee on Monda November 24, 1986, at 12:00 Noon, Central Time, at the office of SPRINGSTED Incorporated, 85 Ea. Seventh Place, Suite 100, Saint Paul, Minnesota 55101 -2143. Consideration for award of the Bon: will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS 1 The Bonds will be dated December 1, 1986, as the date of original issue, and will bear interest payable on February I and August I of each year, commencing August 1, 1987. 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 February I in the amounts and years as follows: $10,000 1988 $125,000 1989 -1991 $15,000 1992 -1997 MANDATORY REDEMPTION In the event that pursuant to federal laws and regulations the City is required to use unexpended Bor proceeds for early redemption of Bonds in order to continue exemption of the Bonds from feder taxation, the City shall use such unexpended Bond proceeds to redeem Bonds on any date after noti< is given pursuant to law. Those Bonds remaining unpaid which have the latest maturity date will prepaid first. If only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid will be chosen by lot by the Registrar. All such prepayments shall be at a price of 102% plus accrued interest.