04-27-2015 Council Packet - Laserfiche WebLink

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be requested by an authorized representative of DTC) is the responsibility of the City or its agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to City or its agent. Under such circumstances, in the event that a successor depository is not obtained, certificates are required to be printed and delivered. The City may decide to discontinue use of the system of book -entry -only transfers through DTC (or a successor securities depository). In that event, certificates will be printed and delivered to DTC. The information in this section concerning DTC and DTC's book -entry system has been obtained from sources that the City believes to be reliable, but the City takes no responsibility for the accuracy thereof. AUTHORITY AND PURPOSE The Bonds are being issued pursuant to Minnesota Statutes, Chapters 469 and 475, a special election on November 4, 2015, and the City's 2015-2019 Street Reconstruction Plan. The proceeds of the Bonds, along with available City funds, will be used to finance (i) various street reconstruction projects as identified in the City's 2015-2019 Street Reconstruction Plan (the "Street Reconstruction Portion"), and (ii) public infrastructure improvements within the City related to the construction of the new municipal fire hall (the "Abatement Portion"). SOURCES AND USES OF FUNDS The composition of the Bonds is estimated to be as follows: Street Reconstruction Abatement Portion Portion Total Sources of Funds: Principal Amount $3,150,000 $495,000 $3,645,000 Available City Funds 0 355,980 355,980 Total Sources of Funds $3,150,000 $850,980 $4,000,980 Uses of Funds: Deposit to Project Funds $3,024,357 $830,980 $3,855,337 Costs of Issuance 48,395 9,112 57,507 Capitalized Interest 45,748 5,938 51,686 Allowance for Discount Bidding 31,500 4,950 36,450 Total Uses of Funds $3,150,000 $850,980 $4,000,980 -4-