Agenda - Council - 03/14/2000 - Laserfiche WebLink

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City of Ramsey, Minnesota $257,000 General Obligation Capital Equipment Certificates of Indebtedness, Series 2000A TERMS AND CONDITIONS Principal: Sale Date: Closing: Dated Date: Interest Due: Interest Rate: Denominations: Maturity: Optional Redemption: Authority & Purpose: Purchaser: Form of Certificate: Tax Designations: Bank Qualification: Rating: $257,0OO March 14,2000 March 21, 2000 March 21,2000 Each January 1 and July 1, commencing January 1,2001. Interest will be computed on a 360-day year. 5.25% $1,000 and integral multiples thereof. January 1, .as follows: 2001 $61,000 2002 62,000 2003 65,000 2004 69,000 The certificates are subject to early redemption on any business day at a price of par plus accrued interest. The Certificates will be general obligations of the City for which the City will pledge its full faith and credit and power to levy general ad valorem taxes. The proceeds will be used to finance the purchase, or reimburse the City for the purchase of equipment designated in the City's 2000 Capital Outlay Plan, and to pay costs associated with the certificate financing. The amount of certificates to be issued does not exceed 0.25% of the City's market value of taxable property or $1,993,177 (based on the City's pay 1999 market value). Northland Security Bank. The certificates will be issued as fully registered certificates. The certificates w!ll be tax-exempt, subject to the legal opinion of Briggs and Morgan, Professional Association. The certificates are bank qualified. The City will issue under $10,000,000 of tax exempt bonds in 2000. No rating will be requested. I I I I i I I i I I I I i I I I I I I