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representing the aggregate principal amount of the Bonds maturing in each year, will be <br /> registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), <br /> • New York, New York, which will act as securities depository of the Bonds. Individual purchases <br /> of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single <br /> maturity through book entries made on the books and records of DTC and its participants. <br /> Principal and interest are payable by the registrar to DTC or its nominee as registered owner of <br /> the Bonds. Transfer of principal and interest payments to participants of DTC will be the <br /> responsibility of DTC; transfer of principal and interest payments to beneficial owners by <br /> participants will be the responsibility of such participants and other nominees of beneficial <br /> owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the <br /> Bonds with DTC. <br /> REGISTRAR <br /> The City will name the registrar which shall be subject to applicable SEC regulations. The City <br /> will pay for the services of the registrar. <br /> OPTIONAL REDEMPTION <br /> The City may elect on February 1, 2009, and on any day thereafter, to prepay Bonds due on or <br /> after February 1, 2010. Redemption may be in whole or in part and if in part at the option of the <br /> City and in such manner as the City shall determine. If less than all Bonds of a maturity are <br /> called for redemption, the City will notify DTC of the particular amount of such maturity to be <br /> prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to <br /> be redeemed and each participant will then select by lot the beneficial ownership interests in <br /> such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. <br /> • SECURITY AND PURPOSE <br /> The Bonds will be general obligations of the City for which the City will pledge its full faith and <br /> credit and power to levy direct general ad valorem taxes. In addition the City will pledge storm <br /> sewer system revenues. The proceeds will be used to finance various storm sewer system <br /> improvements in the City. <br /> TYPE OF PROPOSALS <br /> Proposals shall be for not less than $1,590,680 and accrued interest on the total principal <br /> amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in <br /> the form of a certified or cashier's check or a Financial Surety Bond in the amount of $16,100, <br /> payable to the order of the City. If a check is used, it must accompany the proposal. If a <br /> Financial Surety Bond is used, it must be from an insurance company licensed to issue such a <br /> bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to <br /> Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must <br /> identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the <br /> Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is <br /> required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's <br /> check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central <br /> Time, on the next business day following the award. If such Deposit is not received by that <br /> time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. <br /> The City will deposit the check of the purchaser, the amount of which will be deducted at <br /> settlement and no interest will accrue to the purchaser. In the event the purchaser fails to <br /> comply with the accepted proposal, said amount will be retained by the City. No proposal can <br /> be withdrawn or amended after the time set for receiving proposals unless the meeting of the <br /> • City scheduled for award of the Bonds is adjourned, recessed, or continued to another date <br /> without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or <br /> 1/8 of 1%. Rates must be in level or ascending order. Bonds of the same maturity shall bear a <br /> - ii - <br />