Agenda Packets - 1987/12/14 - Laserfiche WebLink

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OFFICIAL TERMS OF OFFERING $6,000,000 CITY OF MOUNDS VIEW, MINPESOTA TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1988A Sealed bids for the Bonds will be. opened by the C!ty on Monday, Jon -,cry 11, 1988, at 11:00 A.M., Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101-2143. Consideration for award of the Bonds will be by the City Council at 7.00 P.M., Central Time, of the some day. DETAILS OF THE BONDS The Bonds will be dated February 1, 1988, as the date of original issue, and will bear interest payable on February I and August I of each year, commencing August I, 1988. Interest will be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the _ MSRB, 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 an each Bond will be payable by o th theabooksrOft oppeois on iThetRegisttrarras ofhe Registar 'Ithe ed tl5 heday lutf the caendarered nulder emonth reof tnext preceding his address as lthe interest payment. The Bonds will mature February I in the amounts and years as follows: .1 `500 000 1998 $850,000 2001 25,000 I992 375,000 1995 575,000 1,099 850,000 2002 250,000 1993 450 000 1996 1,50,000 2000950,C00 Z003 .300,000 1994 450,C00 1997 OPTIONAL REDEMPTION The City may elect on February I, 1996, and on any interest payment date thereafter, to prepay Bonds due on or after February I, 1997. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by !et by the Registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PUP.POSE 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. I. The proceeds will be used to finance eligible project costs within t' e City's Development District No. 2. TAXABILITY OF INTEREST The interest to be paid on the Bonds is includable in gross income of the recipient for the United States and State of Minnesota income tax purposes, and is subject to Minnesota Corporate and bank excise taxes measured by net income. TYPE OF BID t ,A sealed bid for not less than $5,910,000 and accrued interest on the total principal amount of the Bonds sholi be fi!ed with the undersigned prior to the time set for the opening of bids. Also prior to