Agenda Packets - 1988/01/11 - Laserfiche WebLink

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2.02. After considering the bids received, the City of Mounds View (the "issuer") hereby awards the sale of the $6,000,000 Taxable General Obligation Tax Increment Bonds, Series 1988A (the "Bonds") to (the "Purchasem as the bidder offering the lowest net Interest cost by its bid to purchase the Bonds at a price of $ plus accrued interest to the date of delivery, the Bonds to bear interest at the rates per annum set forth below. The Clerk -Administrator ,,: the issuer is directed to retain the good faith check of the Purchaser pending delivery of and payment for the Bonds, and to return the checks of the unsuccessful bidders. 2.03. The Issuer shall issue the Bonds in the aggregate principal amount of $6,000,000, dated May February 1, 1988 as fully registered bonds without coupons. The Bonds shall be It, denominations of $5,000 or any Integral multiple thereof not exceeding the principal amount of a single maturity, sliall be numbered from R-1 upwards in order of issuance, and shall bear interest at tire rates set forth below, payable semiannually on each February 1 and August 1, commencing August 1, 198P., and shall mature on February i in the years and amounts as follows: Year Amount interest Year Amount interest 1992 $ 25,000 1998 $500,000 1993 250,000 1999 575,000 1994 300,000 2000 650,000 1995 325,000 2001 750,000 1996 375,000 2002 850,000 1997 450,000 2003 950,000 2.04. All Bonds maturing on or after February 1, 1997, shall be subject to redempthon and prior payment in whole or In part In inverse order of maturity and by lot within maturity at the option of the City on February 1, 1996, and any Interest payment date thereafter at a price of par plus accrued interest. Thirty days' prior notice of redemption shall be given by first-class mail to the Registrar and to the registered owners of the Bonds, and notice of redemption will be published in the mcnner provided by Chapter 475, Minnesota Statutes. Upon notice having been so given, the Bonds or portions of Bonds therein specified shall be due and payable at the stated redemption date and price with accrued interest to the redemption date, and upon funds for such payment being held by or on behalf of the Registrar for such payment on the specified redemption date, Interest thereon shall cease to accrue after such redemption date. No defect in the mailed notice of redemption shall affect the validity of the call for redemption of any Bond. 2.05. The Bonds shall be payable as to principal upon presentation at the main off —Ice of (the "Registrar"), or at the office of such other successor registrar as the Issuer may hereafter designate upon 60 days mailed notice to the registered owners. Interest on each Bond shall be payable by check or draft of the Registrar mailed the last business day prior to the interest payment date to the registered holder thereof at his or her address as it appears on the bond register at the close of business on the 1.5th day (whether or not a business day) of the calendar month next preceding the interest payment date. Section 3. Form and Execution of the Bonds.