Agenda - Council - 04/25/2000 - Laserfiche WebLink

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THE CrTY HAS AUTHOR[ZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON IT,~ BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OFPROPOSAL $1 CITY OF RAMSEY, MINNESOTA GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2000B [BOOK ENTRY ONLY) Proposals for the bonds will be received on Tuesday, May 23, 2000, until 10:00 A.M., Central Time, at the offices of Springsted Incorporated, 85 East Seventh Plaoe, Suite 100, Saint Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day. SUBMISSION OF PROPOSALS Proposals may be submitted in a sealed envelope or by fax (651)223-3002 to Sprlngsted. Signed Proposals, without final price or coupons, may be submitted to Springsted prior to the time of sale, The bidder shall be responsible for submitting to Springsted the final Proposal price and coupons, by telephone (651)223-3000 or fax (651)22.3-300?. for inclusion in the submitted Proposal. Spfingsted will assume no I[ability for the inabili[-y of the bidder to reach Springsted prior to the time of sale specified above. All bidders are advised that each Proposal shall be deemed to constitute a contract between the bidder and the City to purchase the Bonds regardless of' the manner of the Proposal submitted, DETAILS OF THE BONDS The Bonds will be dated June 1. 2000, as the date of original issue, and will bear interest payable on February 1 and August I of each year, commen~in,g February I, 2001. Interest will be computed on the basis of a 360-day year of twelve 30-day monlhs, The Bonds wilt mature February 1 in the years and amounts as follows: 2002 $205,000 2005 $255,000 2008 - 2003 $250,000 2006 S295,000 2009 S460,o0o 2004 $240,000 2007 - Proposals for the Bonds may contain a maturity schedule providing for a combination of serial bonds and term bonds, provided that no sedal bond may mature on Dr after the first mandatory sinking fLlnd redemption date of any term bond. All term bonds shall be subject to mandatory sinking fund redemption anti must conform to the maturity schedule set forth above at a price of par plus accrued interest to the date of redemption. In order to designate term bonds, the proposal must specify "Last Year of Serial Maturitfe~" and "Years of Term Maturities" in the spaces provided on the Proposal Form. BOOK ENTRY SYSTEM The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made to the publio. The Bonds will be issued in fully registered form and one Bond, representing the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co, as nominee of The Depository Trust Company ("DTC"), 78 I I I I I I I I I I I I I I I I I I I