|
opened, publicly read and considered, and the purchase price, interest rates and net interest cost
<br />under the terns of each proposal have been determined. The most favorable proposal received is
<br />that of Northland Securities, Inc., of Minneapolis, Minnesota, and associates (the "Purchaser"),
<br />to purchase the Bonds at a price of $3,078,035.09, the Bonds to bear interest at the rates set forth
<br />in Section 2.02.
<br />1.03. Award; Conditions Precedent. Subject to the improvement hearing being held for
<br />the 2021 Improvements and the ordering of the 2021 Improvements by four-fifths of all members
<br />of the Council, as required under Minnesota Statutes Section 429.031, Subdivision 1(f), the sale
<br />of the Bonds is hereby awarded to the Purchaser, and the Mayor and City Manager are hereby
<br />authorized and directed to execute a contract on behalf of the City for the sale of the Bonds in
<br />accordance with the Terms of Proposal. The good faith deposit of the Purchaser shall be retained
<br />and deposited by the City until the Bonds have been delivered and shall be deducted from the
<br />purchase price paid at settlement.
<br />SECTION 2. BOND TERMS' REGISTRATION; EXECUTION AND DELIVERY.
<br />2.01. Issuance of Bonds. Except as described in Section 1.03 hereof, all acts, conditions
<br />and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to
<br />happen and to be performed prior to the issuance of the Bonds have been done, do exist, have
<br />happened, and have been performed, wherefore it is now necessary for this Council to establish
<br />the form and terms of the Bonds, to provide for the security thereof, and to issue the Bonds
<br />forthwith.
<br />2.02. Maturities, Interest Rates, Denominations, Payment. The Bonds shall bear a date
<br />of original issue of May 18, 2021, shall be issuable in the denomination of $5,000 each or any
<br />integral multiple thereof, shall mature on February 1 in the years and amounts set forth below,
<br />and Bonds maturing in such years and amounts shall bear interest from the date of original issue
<br />until paid or duly called for redemption at the rates per annum shown opposite such years and
<br />amounts as follows:
<br />Year
<br />Amount
<br />Rate
<br />Year
<br />Amount
<br />Rate
<br />2022
<br />$110,000
<br />2.000%
<br />2029
<br />$280,000
<br />2.000%
<br />2023
<br />255,000
<br />2.000
<br />2030
<br />165,000
<br />2.000
<br />2024
<br />265,000
<br />2.000
<br />2031
<br />170,000
<br />1.100
<br />2025
<br />265,000
<br />2.000
<br />2032
<br />170,000
<br />1.200
<br />2026
<br />265,000
<br />2.000
<br />2034
<br />190,000
<br />1.400
<br />2027
<br />270,000
<br />2.000
<br />2037
<br />290,000
<br />1.600
<br />2028
<br />275,000
<br />2.000
<br />The Bonds shall be issuable only in fully registered form. The interest thereon and, upon
<br />surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by
<br />the Registrar described herein, provided that so long as the Bonds are registered in the name of a
<br />securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and
<br />interest shall be payable in accordance with the operational arrangements of the securities
<br />depository.
<br />4813-3012-0929\4
<br />
|