Agenda Packets - 1994/03/28 - Laserfiche WebLink

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THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OF PROPOSAL $4,970,000* CITY OF MOUNDS VIEW, MINNESOTA TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1994A Proposals for the Bonds will be received on Monday, April 25, 1994, until 11:00 A.M., Central Time, at the offices of SpringstedIncorporated, 85 East Seventh_Place,_Suite_100,_Saint_Paul, ---- Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. DETAILS OF THE BONDS The Bonds will be dated May 1, 1994, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 1995. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be issued in the denomination of$5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Bond will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. The Bonds will mature February 1 in the years and amounts as follows: 1997 $535,000 2000 $690,000 2002 $845,000 1998 $575,000 2001 $770,000 2003 $920,000 1999 $635,000 * The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of the Bonds offered for sale. Any such increase or reduction will be in a total amount not to exceed$150,000 and will be made in multiples of$5,000 in any of the maturities. In the event the principal amount of the Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a percentage equal to the percentage by which the principal amount of the Bonds is increased or reduced. OPTIONAL REDEMPTION The Bonds will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition the City will pledge tax increment revenues generated within the City's Tax Increment Redevelopment District No. 1. The proceeds will be used to refund the 1997 through 2003 maturities of the City's Taxable General Obligation Tax Increment Bonds, Series 1988A, dated February 1, 1988. Page 18