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1994-071 Council Resolution
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1994-071 Council Resolution
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Last modified
1/26/2016 4:29:05 PM
Creation date
1/26/2016 12:10:06 PM
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City Council
Council Document Type
Resolutions
Meeting Date
09/12/1994
Council Meeting Type
Regular
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Project Designation & Description: <br />Trunk Highway 49/CSAH 23 Improvements <br />Less: MNDOT Share <br />Net Costs <br />Country Lakes Estates Phase I <br />Hodgson Road Trunk Watermain <br />Net Direct Project Costs <br />Plus Issuance Costs <br />Discount <br />Less: Investment Earnings <br />Total Bond Issue <br />Total Project Cost <br />$1,988,400 <br />771,900 <br />$1,216,500 <br />636,750 <br />200,200 <br />$2,053,450 <br />25,900 <br />16,760 <br />1.110 <br />$2,095,000 <br />(b) it is necessary and expedient to the sound financial management <br />of the affairs of the City to issue $2,095,000 General Obligation Temporary <br />Improvement Bonds, Series 1994A (Bonds) pursuant to the Act to provide <br />temporary financing for the Improvements. <br />2. To provide temporary financing for the Improvements, the City will <br />therefore issue and sell Bonds in the amount of $2,078,240. To provide in part the <br />additional interest required to market the Bonds at this time, additional Bonds will <br />be issued in the amount of $16,760. The excess of the purchase price of the Bonds <br />over the sum of $2,078,240 will be credited to the debt service fund for the Bonds <br />for the purpose of paying interest first coming due on the additional Bonds. The <br />Bonds will be issued, sold and delivered in accordance with the terms of the <br />following Official Terms of Proposal: <br />0,1175688 <br />LN140-31 <br />
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