CC PACKET 08251992 - Laserfiche WebLink

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r OFFICIAL STATEMENT DATED AUGUST 11, 1992 I , NEW ISSUE Rating: Not Rated In the opinion of Dorsey & Whitney. Bond Counsel, on the basis of laws in effect on the date of issuance of the Bonds,interest on the Bonds is not includable in gross income of the recipient for federal income tax putposes or in taxable net income of individuals, estates and trusts for Minnesota income tax purposes, but is includable in taxable I income of corporations and financial institutions for purposes of the Minnesota franchise tax. (For a discussion of related issues see°Tax Exemption"herein.) $405,000 City of St. Anthony, Minnesota Liquor Store Revenue Refunding Bonds, Series 1992A Dated Date: October 1, 1992 Interest Due: Each January 1 and July 1, commencing July 1, 1993 The Bonds will mature January 1 as follows: 1994 $70,000 1996 $80,000 1998 $90,000 1995 $80,000 1997 $85,000 The Bonds will not be subject to payment in advance of their respective stated maturity dates. The Bonds will be special obligations of the City payable solely from net revenues of the City's municipal liquor stores and shall not constitute a debt for which the faith and credit or taxing powers of the City will be pledged. The proceeds of this Issue will be used to refund all of the outstanding bonds maturing in the years 1994-1998 of the City's Liquor Store Revenue Bonds, Series 1987. Proposals shall be for not less than $400,140 and accrued interest on the total principal amount of the Bonds and must be accompanied by a good faith deposit in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $4,500, payable to the order of the City. Rates shall be specified in integral multiples of 5/100 or 1/8 of 1% and must be in ascending order. The Bonds will be bank-qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, and will not be subject to the alternative minimum tax for individuals. The Bonds will be issued in integral multiples of $5,000, as requested by the Purchaser, and will be fully registered as to principal and interest. The Bonds will be delivered without cost to the Purchaser within 40 days following the date of their award. The City will name the Registrar and pay for registration services. PROPOSALS RECEIVED: August 25, 1992 (Tuesday) at 11:00 A.M., Central Time AWARD: August 25, 1992 (Tuesday) at 7:30 P.M., Central Time Further information may be obtained from SPRINGSTED SPRINGSTED Incorporated, Financial Advisor to the Issuer,85 East Seventh Place,Suite 1.00,Saint PUBLIC FINANCE ADVISORS Paul,Minnesota 55101 (612)223-3000.