1988.08.22 RESO 1988-0040 - Laserfiche WebLink

Home

t , i Year Amount Year Amount 1990 $30,000 1998 $ 75,000 1991 50,000 1999 75,000 1992 50,000 2000 75,000 1993 50,000 2001 75,000 1994 50,000 2002 100,000 1995 75,000 2003 100,000 1996 75,000 2004 100,000 1997 75,000 4. Purpose. The Bonds shall provide funds to finance the Improvements. The total cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds. Work on the Improvements shall proceed with due diligence to completion. 5. Interest. The Bonds shall bear interest payable semiannually on March 1 and September 1 of each year (each, an "Interest Payment Date"), commencing March 1, 1989, calculated on the basis of a 360 -day year consisting of twelve 30 -day months, at the respective rates per annum set forth opposite the maturity years, as follows: Maturity Interest Year Rate 1990 % 1991 1992 1993 1994 1995 1996 1997 Maturity Interest Year Rate 1998 1999 2000 2001 2002 2003 2004 6. Redemption. All Bonds maturing after March 1, 1997, shall be subject to redemption and prepayment at the option of the City on said date and on any interest payment date thereafter at a price of par plus accrued interest to date of redemption. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date shall be prepaid first; and if only part of the Bonds having a common maturity date are called for prepayment, the specific Bonds to be prepaid shall be chosen by lot by the Bond Registrar. Bonds or portions thereof called for