Resolution 2016-028 - Laserfiche WebLink

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The Bonds will be issued by means of a book-entty system with no physical distribution of bond certificates made to the public. The Bonds will be issued in fully registered form and one bond ceitificate, representing the aggregate principal aniount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of Depository Trust Company ("ITC"), New York, New York, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants, Principal and interest are payable by the City through Northland Trust Set vices, Inc., Minneapolis, Minnesota (the "Paying Agent/Registrar"), to DTC, or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The successful bidder, as a condition of delivery of the Bonds, will be required to deposit the bond certificates with ITC, The City will pay reasonable and customary charges for the set -vices of the Paying Agent/Registrar. The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429, 444 and 475, as amended. Proceeds from issuance of the Bonds will be used to finance street, water, sewer and storm, water improvement projects and to pay costs associated with issuance of the Bonds. The Bonds are payable from special assessments on benefitted properties, water, sewer and storm water revenues, and general ad valoreni taxes on all taxable property within the City. The full faith and credit of the City is pledged to their payment and the City has validly obligated itself to levy ad valorem taxes in the event of any deficiency in the debt service account established for this issue. INTE REST PAYMENTS Interest is due semiannually on each January 15 and July 15, commencing January 15, 2017, to registered owners of the Bonds appearing of record in the Bond Register as of the close of business on the first day (whether or not a business day) of the calendar month of such interest payment date, Principal is due annually on January 15, inclusive, in each of the years and amounts as follows: Year Amount Year Aniount Year Amount 2018 $690,000 2023 $730,000 2028 $490,000 2019 695,000 2024 745,000 2029 500,000 2020 710,000 2025 755,000 2030 510,000 2021 710,000 2026 770,000 2031 520,000 2022 725,000 2027 780,000 2032 530,000 Proposals for the Bonds may contain a maturity schedule providing for any combination of serial bonds