Agenda Packets - 1993/12/13 - Laserfiche WebLink

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public recreational facilities and, after studying the feasibility thereof, has determined to acquire, develop, equip, furnish, operate, and maintain a certain 9-hole municipal golf course, including a driving range, clubhouse, and related facilities (collectively, the "Golf Course"), and the costs of completing and financing the Golf Course are currently estimated as follows: Construction, Architectural, Engineering, and Contingency $1,780,212 Land 561,109 Equipment 170,000 Capitalized Interest 170,554 Debt Service Reserve 309,000 Underwriter's Discount 58,710 Costs of Issuance 40.415 Total $3,090,000 (b) The City is authorized pursuant to Minnesota Statutes, Section 471.191, to acquire and complete the Golf Course and to finance the same through the issuance of the City's gross revenue golf course bonds, and the Council hereby finds that it is necessary and expedient to the sound financial management of the City that the City do so. 2. Acceptance of offer. The offer of Piper Jaffray, Inc. (the "Purchaser"), to purchase the City's $3,090,000 Gross Revenue Golf Course Bonds, Series 1994A (the "Bonds"), at the rates of interest and upon the other terms set forth in this Resolution, and to pay therefor the sum of $ plus interest accrued to settlement, is hereby accepted. 3. Title; Original Issue Date: Denominations: Maturities. The Bonds shall be titled "Gross Revenue Golf Course Bonds, Series 1994A," shall be dated January 1, 1994, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity. The Bonds shall mature on January 1 in the years and amounts as follows: 244882