Resolution 2002-024 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 2002-024 A RESOLUTION AWARDING THE SALE OF $340,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2002A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY, AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council. of the City of Lake Elmo, Washington. County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. It is hereby determined that: (a) the City is authorized by Minnesota Statutes, Section 429.091, Chapter 475 (Act), and Section 475.61, Subdivision 6 of the Act to issue and sell its general obligation bonds to redeem temporary bonds sold to finance certain public improvement costs; (b) it is necessary and desirable that the City issue $340,000 General Obligation Improvement Bonds, Series 2002A (Bonds) to redeem certain outstanding general obligations of the City; (c) the outstanding bonds to be redeemed (Temporary Bonds) consist of the $525,000 General Obligation Temporary Improvement Bonds, Series 1999A, dated July 1, 1999, of which $525,000.00 in principal amount is currently outstanding and is callable on July 1, 2002. 1.02. The proposal of Juran & Moody, a division of Miller Johnson Steichen Kinnard Investment Securities, lice. (Purchaser) to purchase $340,000 General Obligation Improvement Bonds, Series 2002A (Bonds) of the City is determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of $333,336.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturi Rate Maturity Rate 2003 2.85% 2008 4.10% 2004 3.10 2009 4.20 2005 3.50 2010 4.35 2006 3.75 2011 4.50 2007 3.95 2012 4.60 DJG- 212553v1 LA515 -2