CC RES 90-040 RESOLUTION AUTHORIZING ISSUANCE AND SALE OF $1,550,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 1991A

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OFFICIAL TERMS OF OFFERING • $1,550,000 CiTY OF ST. ANTHONY, MINNESOTA GENERAL OBLIGATION REFUNDING BONDS, SERIES 1991A Sealed bids for the Bonds will be received by the City Manager or his designee on Tuesday, December 18, 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 Bonds will be by the City Council at 5:30 P.M., Central Time, of the same day. DETAILS OF THE OBLIGATIONS The-Bonds will be-dated -January 1, 1991, as the date of original Issue, and will bear Interest payable on February 1 and August 1 of each year, commencing August 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 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 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 Bonds will mature February 1 in the years and amounts as follows: • 1994 $310,000 1997 $370,000 1995 $330,000 1998 $190,000 1996 $350,000 OPTIONAL REDEMPTION The Bonds will not be subject to payment in advance of their respective stated maturity dates. 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 pledge revenue from the City's Tax Increment District No. 1. The proceeds will be used to refund the 1994 through 1998 maturities of the City's General Obligation Tax Increment Bonds, Series 19858, dated December 1, 1985. TYPE OF BID Bids shall be for not less than $1,537,600 and accrued Interest on the total principal amount of the Bonds, and shall be accompanied by a certified or cashier's check in the amount of $15,500, 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 Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of - i -