2002-061 Council Resolution - Laserfiche WebLink

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Year of Interest Year of Interest Maturity Rate Maturity Rate 2004 3.20% 2009 5.00% 2005 3.75 2010 5.20 2006 4.30 2011 5.30 2007 4.40 2012 5.35 2008 4.70 2013 5.55 True interest cost: 5.2453% 1.03. The sum of $74.95 being the amount proposed by the Purchaser in excess of $2,086,790 will be credited to the Debt Service Fund hereinafter created. The City Finance Director is directed to deposit 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 Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.04. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, Chapters 429 and 475 (Act) in the total principal amount of $2,110,000, originally dated July 1, 2002, 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 on February 1 in the years and amounts as follows: Year Amount Year Amount 2004 $170,000 2009 $215,000 2005 175,000 2010 225,000 2006 185,000 2011 235,000 2007 190,000 2012 250,000 2008 200,000 2013 265,000 1.05. Optional Redemption. The City may elect on February 1, 2007, and on any day thereafter to prepay Bonds due on or after February 1, 2008. Redemption may be in whole or in part and if in part, at the option of the City and in such manner as the City will determine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC (as defined in Section 7 hereof) of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Prepayments will be at a price of par plus accrued interest. [1.06. Term Bonds. To be completed if Term Bonds are requested by the Purchaser.] DJG-215891v1 LN140-78