2003.11.03 RESO 2003-0058 - Laserfiche WebLink

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B. WHEREAS, each item of equipment to be financed by the Certificates has an expected useful life at least as long as the term of the Certificates; and C. WHEREAS, the principal amount of the Certificates does not exceed one-quarter of one percent (0.25%) of the market value of the taxable property in the City ($606,469,600 times 0.25% is $1,516,174); and D. WHEREAS, it is in the best interests of the City that the Certificates be issued in book -entry form as hereinafter provided; and NOW, THEREFORE, BE TT RESOLVED by the City Council of the City of Hugo, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of Cronin & Company, Incorporated (the "Purchaser"), to purchase the Certificates in accordance with the Terms of Proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of $878,863.85, plus accrued interest 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 City Clerk -Treasurer is directed to retain the deposit of the Purchaser and to forthwith return to the unsuccessful bidders any good faith deposits. 2. Certificate Terms. (a) Original Issue Date: Denominations: Maturities: Tenn Bond Option. The Certificates shall be dated December 1, 2003, as the date of original issue, 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, without option of prepayment, on December 1 in the years and amounts as follows: Year Amount Year Amount 2004 $170,000 2007 $180,000 2005 170,000 2008 180,000 2006 175,000 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 Certificates, and to this end: (i) The Certificates shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Certificate for each maturity of the Certificates; and for purposes of complying with this requirement under paragraphs 5 and 10 Authorized 2 1580647v1