1990-049 Council Resolution - Laserfiche WebLink

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OFFICIAL TERMS OF OFFERING $1,015,000 CITY OF LINO LAKES, MINNESOTA GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1990B Sealed bids for the Bonds will be received by the City Administrator or his designee on Monday, August 13, 1990, until 1:00 P.M., Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 6:30 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated August 1, 1990, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing August 1, 1991. Interest will be computed on the basis of a 360 -day year of twelve 30 -day months and will be rounded pursuant to rules of the MSRB. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature August 1, 1993. OPTIONAL REDEMPTION The City may elect on August 1, 1992, and on any day thereafter to prepay Bonds due on August 1, 1993. Redemption may be in whole or in part and if in part by lot as selected by the registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge special assessments against benefitted property. The proceeds will be used to refinance at maturity all of the outstanding bonds of the $1,650,000 General Obligation Bond Temporary Improvement Bonds, Series 1987A, dated September 1, 1987 and finance other local improvements within the City. TYPE OF BID Bids shall be for not less than $1,005,865 and accrued interest on the total principal amount of the Bonds, and shall be accompanied by a certified or cashier's check in the amount of $10,150, payable to the order of the City. No bid will be considered for which said check has not been received. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids unless the meeting of the City scheduled for award of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Bidders shall specify a single rate of interest. Rates -i-