Agenda Packets - 2017/02/27 - Laserfiche WebLink

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2 Year Interest Rate 2019 3.000% 2020 3.000 2021 3.000 2022 3.000 2023 3.000 1.03. Terms and Principal Amounts of the Certificates. The City of Spring Lake Park will forthwith issue and sell the Certificates pursuant to the Act in the total aggregate principal amount of $1,090,000, originally dated March 21, 2017, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing serially on February 1 in the years and amounts as follows: Year Amount 2019 $205,000 2020 210,000 2021 220,000 2022 225,000 2023 230,000 1.04. Optional Redemption. The Certificates are not subject to optional redemption or prepayment prior to maturity. Section 2. Form of Mounds View Certificate. 2.01. Execution of the Mounds View Certificate. Under the precepts of the Joint Powers Agreement and Third Supplement thereto, and to evidence its obligation to pay its proportionate share of debt service on the Certificates, this Council finds it is necessary and expedient to the sound financial management of the City to issue its own General Obligation Equipment Certificate of Indebtedness, Series 2017, pursuant to the Act in a principal amount anticipated not to exceed $172,430 (the “Mounds View Certificate”). This Council understands and acknowledges that debt service on the Mounds View Certificate will always be payable by the City in accordance with the final percentages fixed from time to time by the Formula. The Mounds View Certificate will be in substantially the form as attached hereto as Exhibit A. Additionally, the City is responsible to pay to the City of Spring Lake Park the amount of $4,677.09 on February 1, 2018, which is an interest payment due on the Certificates on said date. 2.02. Security. The City of Spring Lake Park has irrevocably pledged its full faith and credit and taxing powers to pay debt service on the Certificates. To reimburse the City of Spring Lake Park for the City’s portion of principal and interest on the Certificates, as evidenced through the Mounds View Certificate, the City hereby irrevocably pledges the full faith and credit and taxing powers of the City, and the City shall levy ad valorem taxes on all taxable property, which taxes may be levied without limitation as to rate or amount. The City will pay principal and interest on the Mounds View Certificate from the general fund of the City, and the general fund may be reimbursed for those advances out of the proceeds of the taxes levied hereto, when collected, and the proceeds of such ad valorem taxes levied are pledged to the payment of the Mounds View Certificate. Taxes levied to pay debt service on the Mounds View Certificate are in the years and amounts as provided for on Exhibit B hereto.