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2 <br />4925-0715-6784.2 <br /> <br />Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof <br />of a single maturity through book entries made on the books and records of DTC and its participants. <br />Principal and interest are payable by the Issuer through U.S. Bank Trust Company, N.A., St. Paul, <br />Minnesota (the “Paying Agent/Registrar”), to DTC, or its nominee as registered owner of the Bonds. <br />Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; <br />transfer of principal and interest payments to beneficial owners by participants will be the responsibility <br />of such participants and other nominees of beneficial owners. The successful bidder, as a condition of <br />delivery of the Bonds, will be required to deposit the bond certificates with DTC. The Issuer will pay <br />reasonable and customary charges for the services of the Paying Agent/Registrar. <br /> <br />DATE OF ORIGINAL ISSUE OF BONDS <br /> <br />Date of Delivery (Estimated to be August 14, 2025) <br /> <br />AUTHORITY/PURPOSE/SECURITY <br /> <br />The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429 and 475, as amended. Proceeds <br />will be used to finance the City’s 2025 street improvement projects, and to pay costs associated with the <br />issuance of the Bonds. The Bonds are payable from special assessments against benefited properties and <br />additionally secured by ad valorem taxes on all taxable property within the City. The full faith and credit <br />of the Issuer is pledged to their payment and the Issuer has validly obligated itself to levy ad valorem <br />taxes in the event of any deficiency in the debt service account established for this issue. <br /> <br />INTEREST PAYMENTS <br /> <br />Interest is due semiannually on each February 1 and August 1, commencing August 1, 2026, to registered <br />owners of the Bonds appearing of record in the Bond Register as of the close of business on the fifteenth <br />day (whether or not a business day) of the calendar month next preceding such interest payment date. <br /> <br />MATURITIES <br /> <br />Principal is due annually on February 1, inclusive, in each of the years and amounts as follows: <br /> <br />Year Amount Year Amount <br /> 2027 $150,000 2032 $225,000 <br />2028 195,000 2033 235,000 <br />2029 200,000 2034 240,000 <br />2030 210,000 2035 250,000 <br />2031 215,000 2036 265,000 <br /> <br />Proposals for the Bonds may contain a maturity schedule providing for any combination of serial bonds <br />and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject <br />to mandatory redemption in each year conforms to the maturity schedule set forth above. <br /> <br />INTEREST RATES <br /> <br />All rates must be in integral multiples of 1/20th or 1/8th of 1%. The rate for any maturity may not be <br />more than 2.00% less than the rate for any preceding maturity. All Bonds of the same maturity must bear <br />a single uniform rate from date of issue to maturity. <br /> <br />ESTABLISHMENT OF ISSUE PRICE <br />(HOLD-THE-OFFERING-PRICE RULE MAY APPLY – BIDS NOT CANCELLABLE)