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0) The City finds it necessary and desirable to issue its General Obligation Improvement, <br />CIP and Refunding Bonds, Series 2021A (the "Bonds"), in the original aggregate principal amount <br />of $21,985,000, to (i) finance the Iinprovernent Project; (ii) finance the Sewer Improvements; (iii) <br />finance the CIP Project; including without limitation the acquisition of the City Hall through a current <br />refunding of the 2018A Bonds by redeeming and prepaying the outstanding principal amount of the <br />January 15, 2022 through the January 15, 2034 maturities thereof on December 20, 2021; and (iv) <br />achieve the reduction of debt service costs to the City through the current refunding of the 2013A <br />Refunded Bonds on December 7, 2021; <br />(k) The City is authorized by Minnesota Statutes, Section 475,60, subdivision 2(9) to <br />negotiate the sale of the Bonds, it being determined that the City has retained an independent <br />municipal advisor in connection with such sale. The City has retained Northland Securities, Inc. as <br />its municipal advisor (the "Municipal Advisor"). The actions of the City staff and the City's Municipal <br />Advisor in negotiating the sale of the Bonds are ratified and confirmed in all aspects. <br />1.02 Award to Purchaser and Interest Rates. The proposal of Raymond James & <br />Associates, Inc., St Petersburg Florida (the "Purchaser") to purchase the Bonds of the City described <br />in the official statement thereof is found and determined to be the most favorable offer received and <br />is hereby, the proposal being to purchase the Bonds at a price of $22,820,215.25 (par amount of <br />$21,985,000.00, plus a net premium of $869,731.70 and less an underwriter's discount of <br />$34,516.45), plus accrued interest to the date of delivery, for Bonds bearing interest as follows: <br />Year <br />Interest Rate <br />Year Interest Rate <br />2022 <br />3.000% <br />2033 <br />1.750% <br />2023 <br />3.000 <br />2034 <br />1.150 <br />2024 <br />3.000 <br />2035 <br />2.000 <br />2025 <br />3.000 <br />2036 <br />2.000 <br />2026 <br />3.000 <br />2037 <br />2.000 <br />2027 <br />3.000 <br />2038 <br />2.000 <br />2028 <br />3.000 <br />2039 <br />2.000 <br />2029 <br />3.000 <br />2040 <br />2.125 <br />2030 <br />3.000 <br />2041 <br />2.125 <br />2031 <br />1.750 <br />2042 <br />2.125 <br />2032 <br />1.750 <br />1.03. Purchase Contract. Any amount paid by the Purchaser over the minimum purchase <br />price shall be credited to the Debt Service Fund hereinafter created, or deposited in the Improvement <br />Project Construction Fund, the Sewer Improvements Construction Fund, the CIP Project Construction <br />Fund or the Refunding Fund hereinafter created, as determined by the City Finance Director after <br />consultation with the City's municipal advisor. The City Finance Director is directed to retain the <br />good faith check of the Purchaser, pending completion of the sale of the Bonds. The Mayor and City <br />Clerk are directed to execute a contract with the Purchaser on behalf of the City. <br />1.04 Terms and Principal Amounts of Bonds. The City will forthwith issue and sell the <br />Bonds pursuant to the Municipal Debt Act, the Improvement Act, the Utility Act and the CIP Act <br />LA515-85-748617.v2 <br />