08/24/1999 Council Minutes (2) - Laserfiche WebLink

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True interest cost: 4.6714 % 1.02. The sum of $ 2,212.80 , being the amount proposed by the Purchaser in excess of $1, 712, 925 , is credited to the Escrow Account or the debt service account hereinafter created, or designated to pay costs of issuance of the Bonds, as the case may be. The City Clerk - Treasurer is directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The Mayor and City Clerk -Treasurer are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapter 475 (the "Act") in the total principal amount of $1, 725, 000 , originally dated September 1, 1999, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially, without option of prior payment, on February 1 in the years and amounts as follows: Year Amount Year Amount 2002 $320,000 2005 $365,000 2003 335,000 2006 355,000 2004 350,000 Section 2. Registration and Payment. 2.01. Registered Form. The Bonds will be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case the Bond will be dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case the Bond will be dated as of September 1, 1999. The interest on the Bonds is payable on February 1 and August 1 of each year, commencing August 1, 2000, to the registered owners of record as of the close of business on the fifteenth day of the immediately preceding month, whether or not that day is a business day. 2.03. Registration. The City will appoint a bond registrar, transfer agent, authenticating agent and paying agent (the "Registrar"). The effect of registration and the rights and duties of the City and the Registrar with respect thereto are as follows: BMB-167650 LN140-68 •