Laserfiche WebLink
Summary of Recommended Terms: <br />1. Type of Bond Sale <br />2. Pricing <br />3. Council Consideration <br />4. Statutory Authority <br />Negotiated Sale <br />Monday, October 27, 2009 <br />Monday, October 27, 2009 <br />The Bonds are being issued pursuant to Minnesota <br />Statutes Chapter 475 and Chapter 162.81 <br />5. Repayment Term The Bonds will mature annually each April 1, 2010 <br />through 2019. ,Interest on the Bonds will be <br />payable on April 1, 2010 and semiannually <br />thereafter on each October 1 and Apri11. <br />6. Security General obligation of the City. In addition the City <br />will pledge municipal state aid allotments received <br />annually from the Minnesota Department of <br />Transportation. <br />7. Prepayment Option The Bonds due on or after April 1, 2017 will be <br />subject to redemption on April 1, -2016 at price of <br />' par. <br />8. Tax Status <br />Briggs and Morgan, St. Paul, Minnesota <br />9. Credit Enhancement We believe a credit rating will be cost beneficial. <br />The City currently has an Aa3 rating from Moody's <br />Investor Services on its outstanding general <br />obligation debt. We recommend the City pursue a <br />rating with Standard & Poor's Corporation on this <br />issue because the City stands a good chance of <br />having their current rating upgraded. We believe <br />this could happen given S&P's recent re-calibration <br />of municipal credits. <br />Page 3 <br />NOR"I'HLAND SECURI'T'IES <br />