CC PACKET 04272021 - Laserfiche WebLink

Home Browse Search

2 4813-3012-0929\3 opened, publicly read and considered, and the purchase price, interest rates and net interest cost under the terms of each proposal have been determined. The most favorable proposal received is that of [Purchaser], of [City, State] [, and associates] (the “Purchaser”), to purchase the Bonds at a price of $[_______], the Bonds to bear interest at the rates set forth in Section 2.02. 1.03. Award; Conditions Precedent. Subject to the improvement hearing being held for the 2021 Improvements and the ordering of the 2021 Improvements by four-fifths of all members of the Council, as required under Minnesota Statutes Section 429.031, Subdivision 1(f), the sale of the Bonds is hereby awarded to the Purchaser, and the Mayor and City Manager are hereby authorized and directed to execute a contract on behalf of the City for the sale of the Bonds in accordance with the Terms of Proposal. The good faith deposit of the Purchaser shall be retained and deposited by the City until the Bonds have been delivered and shall be deducted from the purchase price paid at settlement. SECTION 2. BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY. 2.01. Issuance of Bonds. Except as described in Section 1.03 hereof, all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed prior to the issuance of the Bonds have been done, do exist, have happened, and have been performed, wherefore it is now necessary for this Council to establish the form and terms of the Bonds, to provide for the security thereof, and to issue the Bonds forthwith. 2.02. Maturities, Interest Rates, Denominations, Payment. The Bonds shall bear a date of original issue of May 18, 2021, shall be issuable in the denomination of $5,000 each or any integral multiple thereof, shall mature on February 1 in the years and amounts set forth below, and Bonds maturing in such years and amounts shall bear interest from the date of original issue until paid or duly called for redemption at the rates per annum shown opposite such years and amounts as follows: Year Amount Rate Year Amount Rate 2022 2030 2023 2031 2024 2032 2025 2033 2026 2034 2027 2035 2028 2036 2029 2037 [REVISE MATURITY SCHEDULE FOR ANY TERM BONDS] The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by the Registrar described herein, provided that so long as the Bonds are registered in the name of a securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and 47