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2002-041 Council Resolution
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2002-041 Council Resolution
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11/30/2015 2:21:40 PM
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11/30/2015 2:08:19 PM
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City Council
Council Document Type
Resolutions
Meeting Date
05/13/2002
Council Meeting Type
Regular
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TERMS OF PROPOSAL <br />$2,730,000 <br />CITY OF LINO LAKES, MINNESOTA <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2002A <br />(BOOK ENTRY ONLY) <br />Proposals for the Bonds will be received on Monday, June 24, 2002, until 11:00 A.M., Central <br />Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, <br />Minnesota, after which time they will be opened and tabulated. 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 />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 of the Proposal submitted. <br />DETAILS OF THE BONDS <br />The Bonds will be dated July 1, 2002, as the date of original issue, and will bear interest payable <br />on February 1 and August 1 of each year, commencing February 1, 2003. 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 />2004 $275,000 2007 $305,000 2010 $245,000 2012 $260,000 <br />2005 $280,000 2008 $310,000 2011 $250,000 2013 $280,000 <br />2006 $290,000 2009 $235,000 <br />Proposals for the Bonds may contain a maturity schedule providing for a combination of serial <br />bonds and term bonds, provided that no serial bond may mature on or after the first mandatory <br />sinking fund redemption date of any term bond. All term bonds shall be subject to mandatory <br />sinking fund redemption and must conform to the maturity schedule set forth above at a price of <br />par plus accrued interest to the date of redemption. In order to designate term bonds, the <br />proposal must specify "Last Year of Serial Maturities" and "Years of Term Maturities" in the <br />spaces provided on the Proposal Form. <br />BOOK ENTRY SYSTEM <br />The Bonds will be issued by means of a book entry system with no physical distribution of <br />Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, <br />DJG-214147v1 <br />LN 140-78 <br />
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