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2003-194 Council Resolution
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2003-194 Council Resolution
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11/25/2015 1:26:48 PM
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11/25/2015 12:43:11 PM
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City Council
Council Document Type
Resolutions
Meeting Date
10/27/2003
Council Meeting Type
Regular
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THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE <br />THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE <br />FOLLOWING BASIS: <br />TERMS OF PROPOSAL <br />$2,120,000* <br />CITY OF LINO LAKES, MINNESOTA <br />GENERAL OBLIGATION IMPROVEMENT AND REFUNDING BONDS, SERIES 2003A <br />(BOOK ENTRY ONLY) <br />Proposals for the Bonds will be received on Monday, November 24, 2003, until 10:00 A.M., <br />Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint <br />Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of <br />the Bonds will be by the City Council at 6:30 P.M., Central Time, of the same day. <br />SUBMISSION OF PROPOSALS <br />Proposals may be submitted in a sealed envelope or by fax (651) 223-3046 to Springsted. <br />Signed Proposals, without final price or coupons, may be submitted to Springsted prior to the <br />time of sale. The bidder shall be responsible for submitting to Springsted the final Proposal price <br />and coupons, by telephone (651) 223-3000 or fax (651) 223-3046 for inclusion in the submitted <br />Proposal. Springsted will assume no liability for the inability of the bidder to reach Springsted <br />prior to the time of sale specified above. All bidders are advised that each Proposal shall be <br />deemed to constitute a contract between the bidder and the City to purchase the Bonds regardless <br />of the manner in which the Proposal is submitted. <br />DETAILS OF THE BONDS <br />The Bonds will be dated December 1, 2003, as the date of original issue, and will bear interest <br />payable on February 1 and August 1 of each year, commencing August 1, 2004. Interest will be <br />computed on the basis of a 360 -day year of twelve 30 -day months. <br />The Bonds will mature February 1 in the years and amounts as follows: <br />2005 $460,000 <br />2006 $450,000 <br />2007 $440,000 <br />2008 $ 55,000 <br />2009 $55,000 <br />2010 $55,000 <br />2011 $60,000 <br />2012 $60,000 <br />2013 $60,000 <br />2014 $65,000 <br />2015 $65,000 <br />2016 $70,000 <br />2017 $70,000 <br />2018 $75,000 <br />2019 $80,000 <br />* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal <br />amount of the Bonds offered for sale. Any such increase or reduction will be made in multiples of $5,000 in any <br />of the maturities. In the event the principal amount of the Bonds is increased or reduced, any premium offered <br />or any discount taken by the successful bidder will be increased or reduced by a percentage equal to the <br />percentage by which the principal amount of the Bonds is increased or reduced. <br />SJB-239164v1 <br />LN 140-84 <br />
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