RES 87-018 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $690,000 LIQUOR STORE REVENUE BONDS, SERIES 1987

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OFFICIAL TERMS OF OFFERING • $690,000 CITY OF SAINT ANTHONY, MINNESOTA LIQUOR STORE REVENUE BONDS, SERIES 1987 Sealed bids for the Bonds will be opened by the City Manager or his designee on Tuesday, May 26, 1987, 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 July I, 1987, as the date of original issue, and will bear interest payable on January I and July I of each year, commencing January 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 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 January I in the amounts and years as follows: 45,000 1989 *50,000 1990 ,000 1992 75,000 1995 90,000 1997 $65,000 1993 85,000 1996 95,000 1998 $55,000 1991 $70,000 1994 OPTIONAL REDEMPTION The City may elect on January I, 1993, and on any interest payment date thereafter,-to prepay Bonds due on or after January I, 1994. 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 lot by the Registrar. All prepayments shall be at a price of par and accrued interest. SECURITY AND PURPOSE The Bonds will be special obligations of the City payable solely from the net operating profits 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 will be used to finance construction, remodeling and equipping of liquor store facilities. TYPE OF BID A sealed bid for not less than $676,890 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $6,900 payable to the order of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's •Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to