2004-142 Council Resolution - Laserfiche WebLink

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(c) the City is authorized by Minnesota Statutes, Chapter 429 (Improvement Act) to finance all or portion of the cost of the Assessed Improvements by the issuance of general obligation bonds of the City payable from special assessments levied against benefited property, and is also authorized by Minnesota Statutes, Section 444.075 (Utility Act) to finance all or a portion of the cost of the Utility Improvements by the issuance of general obligation bonds of the City payable from the net revenues of the utility system. The cost of the Assessed Improvements and Utility Improvements are presently estimated to be as follows: Project Designation & Description Total Project Cost Assessed Improvements $ 600,000 Utility Improvements 688,445 Underwriter' s Discount (1.10 %) 14,630 Costs of Issuance 22,950 Rounding Amount 3,975 Bond Issue $ 1,330,000 (d) it is necessary and expedient to the sound financial management of the affairs of the City to issue $1,330,000 General Obligation Improvement and Utility Revenue Bonds, Series 2004A (Bonds) pursuant to the Improvement Act and Utility Act to provide financing for the Assessed Improvements and the Utility Improvements. 2. To provide financing for the Assessed Improvements and the Utility Improvements, the City will issue and sell Bonds in the amount of $1,315,370. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in the amount of $14,630. The excess of the purchase price of the Bonds over the sum of $1,315,370 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of Offering: