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1988-063 Council Resolution
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1988-063 Council Resolution
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Last modified
10/31/2014 1:30:47 PM
Creation date
10/31/2014 1:11:34 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
08/25/1988
Council Meeting Type
Regular
Resolution #
88-063
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OFFICIAL TERMS OF OFFERING <br />$6 1 0,000 <br />CITY OF LINO LAKES, MINNESOTA <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES I988B <br />Sealed bids for the Bonds will be opened by the City Administrator or his designee on Monday, <br />September 26, 1988, at 12:00 Noon, Central Time, at the offices of SPRINGSTED Incorporated, 85 <br />East Seventh Place, Suite 100, Saint Paul, Minnesota 55101 -2143. Consideration for award of the <br />Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. <br />DETAILS OF THE BONDS <br />The Bonds will be dated October 1, 1988, as the date of original issue, and will bear interest payable <br />on April 1 and October 1 of each year, commencing April 1, 1989. Interest will be computed upon the <br />basis of a 360 -day year of twelve 30 -day months and will be rounded pursuant to rules of the MSRB. <br />The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof as <br />requested by the Purchaser, and fully registered as to principal and interest. Principal will be <br />payable at the main corporate office of the Registrar and interest on each Bond will be payable by <br />check or draft of the Registrar mailed to the registered holder thereof at his address as it appears on <br />the books of the Registrar as of the 15th day of the calendar month next preceding the interest <br />payment. <br />The Bonds will mature October 1, 1991. <br />OPTIONAL REDEMPTION <br />The City may elect on October 1, 1990, and April 1, 1991, to prepay Bonds due on October 1, 1991. <br />Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, <br />the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a <br />price of par and accrued interest. <br />SECURITY AND PURPOSE <br />The Bonds will be general obligations of the City for which the City will pledge its full faith and <br />credit and power to levy direct general ad valorem taxes. In addition the City will pledge special <br />assessments levied against benefited properties. The proceeds will be used to finance various <br />improvements within the City. <br />TYPE OF BID <br />A sealed bid for not less than $605,425 and accrued interest on the total principal amount of the <br />Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to <br />the time set for bid opening, a certified or cashier's check in the amount of $6,100, payable to the <br />order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's <br />Financial Advisor. No bid will be considered for which said check has not been filed. The check of <br />the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to <br />comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which <br />will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids unless <br />the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to <br />ther date without award of the Bonds having been made. No bid may be conditioned upon award <br />ny other offering of obligations by the City. <br />
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