2009.10.05 RESO 2009-33 - Laserfiche WebLink

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D. WHEREAS, the amount of the property taxes abated are estimated to be at least equal to the principal and interest on the Bonds and pursuant to the provisions of the Abatement Resolution, Bond proceeds are to be expended to provide money to pay for Project; and E. WHEREAS, the City has retained Springsted as its independent financial advisor for the sale of the Bonds and was therefore authorized to sell the Bonds by private negotiation in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); and F. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - entry form as hereinafter provided; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Hugo, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of Robert W. Baird & Company, Incorporated in Milwaukee, Wisconsin (the "Purchaser"), to purchase the Bonds in accordance with the Terms of Proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of $1,624,635.00, plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted and the Bonds are hereby awarded to the Purchaser. The Clerk is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders any good faith checks or drafts. 2. Bond Terms. (a) Original Issue Date: Denominations: Maturities: Term Bond Option. The Bonds shall be dated November 1, 2009, as the date of original issue and shall be issued forthwith on or after such date in fully registered form, shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations") and shall mature on February 1 in the years and amounts as follows: Year Amount Year Amount 2011 $235,000 2016 $ 95,000 2012 250,000 2017 100,000 2013 250,000 2018 105,000 2014 255,000 2019 110,000 2015 95,000 2020 110,000 As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the applicable Bond(s). (b) Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder (the "Depository") will act as securities depository for the Bonds, and to this end: 2396821v1 2