2010.07.19 RESO 2010-0029 - Laserfiche WebLink

Home

(the "Current Refunding Portion"). The aggregate principal amount of $945,000 maturing in each of the years and amounts hereinafter set forth are issued to refund the Prior 2001 Bonds (the "Advance Refunding Portion"): Year Current Refunding Portion 2011 $ 90,000 2012 95,000 2013 105,000 2014 105,000 2015 2.00 2016 2.00 2017 2.25 2018 2.50 Advance Refunding Portion $ 95,000 115,000 110,000 105,000 125,000 130,000 130,000 135,000 4. Purpose; RefundingFindings. inding_s. The Bonds shall provide funds to acquire the Facility as set forth in the Plan (the "Project"), pursuant to a current refunding of the Refunded 1998 Bonds and an advance refunding of the Refunded 2001 Bonds (together, the "Refunding"). It is hereby found and determined that the Refunding is pursuant to Minnesota Statutes, Section 475.67 and shall result in a reduction of debt service cost to the City. 5. Interest The Bonds shall bear interest payable semiannually on February 1 and August 1 of each year (each, an "Interest Payment Date"), commencing February 1, 2011, calculated on the basis of a 360 -day year of twelve 30 -day months, at the respective rates per annum set forth opposite the maturity years as follows: Maturity a Interest Rate 2011 2.00% 2012 2.00 2013 2.00 2014 2.00 2015 2.00 2016 2.00 2017 2.25 2018 2.50 6. No Redemption. The Bonds shall not be subject to redemption and prepayment prior to their stated maturity dates. 7. Bond Registrar. U.S. Bank National Association in St. Paul, Minnesota, is appointed to act as bond registrar and transfer agent with respect to the Bonds (the "Bond Registrar"), and shall do so unless and until a successor Bond Registrar is duly appointed, all pursuant to any contract the City and Bond Registrar shall execute which is consistent herewith. The Bond Registrar shall also serve as paying agent unless and until a successor paying agent is T 2ss2009vl