Agenda Packets - 1993/12/13 - Laserfiche WebLink

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Years Amounts Years Amounts 2000 $ 35,000 2005 $ 165,000 2001 60,000 2006 185,000 2002 85,000 2007 200,000 2003 120,000 2008 225,000 2004 140,000 2014 1,875,000 and the Bonds maturing on January 1, 2014, shall be subject to mandatory sinking fund redemption, at a redemption price of par plus accrued interest to date of redemption, on January 1 in the years and amounts as follows: Years Amounts 2009 $250,000 2010 275,000 2011 300,000 2012 325,000 2013 350,000 2014 375,000 (maturity) Pursuant to Section 475.54, Subdivision 17, the Council hereby finds that the Bonds will be payable primarily from a source other than ad valorem taxes and the Council hereby estimates that said primary source of payment for the Bonds, being the "Gross Revenues" of the Golf Course as hereinafter defined, is and will be sufficient to pay, when due, the principal of and interest on the Bonds, and said primary source of payment of the Bonds is, as hereinafter provided, irrevocably appropriated for such purposes; accordingly, pursuant to said Subdivision 17 the Bonds may mature at any time or times within 30 years after the date of their issuance, and the foregoing maturity schedule is thereby excepted from compliance with the requirements of Minnesota Statutes, Section 475.54, Subdivision 1. 4. Purpose. The Bonds shall provide funds to finance the Golf Course, the total cost of which is estimated to be at least equal to the amount of the Bonds. Work on the Golf Course shall proceed with due diligence to completion. 5. Interest. The Bonds shall bear interest payable semiannually an January 1 and July 1 of each year (each, an "Interest Payment Date"), commencing July 1, 1994, calculated on the basis of a 360-day year consisting of twelve 30-day months, at the respective rates per annum set forth opposite the maturity years, as follows: 244882