CC RES 90-012 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $315,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1990A

Home Browse Search

OFFICIAL TERMS OF OFFERING $315,000 CITY OF SAINT ANTHONY, MINNESOTA GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF INDEBTEDNESS, SERIES 1990A Sealed bids for the Certificates will be received by the City on Tuesday, March 13, 1990, until 11:30 A.M., Central Time, at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Certificates will be by the City Council at 7:30 P.M., Central Time, of the same day. DETAILS OF THE CERTIFICATES The Certificates will be dated April 1, 1990, as the date of original issue, and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 1991. Interest will be computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. The Certificates 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 Certificate will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 15th day of the immediately preceding month. • The Certificates will mature February 1 in the years and amounts as follows: 1992 $60,000 1994 $85,000 1995 $90,000 1993 $80,000 OPTIONAL REDEMPTION The Certificates will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The Certificates 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. The proceeds will be used to acquire equipment for City purposes. TYPE OF BID Bids shall be for not less than $312,637 and accrued interest on the total principal amount of the Certificates, and shall be accompanied by a certified or cashier's check in the amount of $3,150, payable to the order of the City. No bid will be considered for which said check has not been received. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the City. No bid can be withdrawn after the time set for receiving bids unless the meeting of the City scheduled for award of the bids is adjourned, recessed, or continued to another date without award of the Certificates having been made. Rates shall be in integral multiples of 5/100 or 1/8 - i -