Agenda Packets - 1987/12/14 - Laserfiche WebLink

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APPENDIX III OFFICIAL TERMS OF OFFERING $6r000,0DO CITY OF MOUNDS VIEW, MINNESOTA TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1988A Sealed bids for the Bonds will be opened by the City on Monday, January II, 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 )f 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 La dated February I, 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 95,000 each, or in integroi 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 Reg;atrar and interest on each Bond will be payable by check or draft of the Registrar mailed to the registered holder thereof at his address as it appears on the books of the Registrar as of the 15th day of the calendar month next preceding the interest payment. The Bonds will mature February I in the amounts and years as follows: 1 25,000 1992 $$325,000 1995 16500000 500,000 1998 000 250,000 1993 375,000 19% 575,000 1999 18750 50:000 300,000 1994 1450,000 1997 2000 950,000 OPTIONAL REDEMPTION 2001 200i 200 The City may elect on February I, 1996, and on any interest payn.ent 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 Ponds having a commas maturity date are called for prepay :, .nt the specific Bonds to be prepaid will be chosen by lot by the Registrar. All prepayments shall be at a price of par and occnied interest. 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 pledg_ tax increment revenues aenerated within the City's Tax Increment Redevpinnment District No. 1. The proceeds will be used to finance eligible project costs within the 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 ¢g � A sealed bid for not less than $5,910,000 and accrued interest on the total principal amount of t&d Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to Page 8