Agenda - Council - 12/08/1998 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OFPROPOSAL $1,195,000 CITY OF RAMSEY, MINNESOTA GENERAL OBUGA'i']ON TAX INCREMENT BONDS, SERIES 1999A (BOOK ENTRY ONLY) Proposals for the Bonds w~l be received on Tuesday, January 12, 1999, until 11:00 A.M., Cenf~al Time, at the offices of Spdngsted Incorporated, -85 East Seventh Place, 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 subm~ed in a sealed envelope or by fax (651)223-3002 to Spfingsted. Signed Proposals, without final price or coupons, may be' subm~ed 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)223-3002 for inclusion in the submitted Proposal. Spdngsted will assume no liability for the inability 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 constJkAe a contract between the bidder and the Ci[y to purchase the Bonds regardless of the manner of the Proposal submk'ted. DETAILS OF THE OBLIGATIONS The Bonds will be dated January 1, 1999, as the date of original issue, and will bear interest payable on January 1 and July I of each year, commencing July 1, 1999. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will mature January 1 in the years and amounts as follows: 2001 $25,000 2005 $90,000 2008 $100,000 2011 $115,000 2002 $75,000 2006 $95,000 2009 $105,000 2012 $120,000 2003 .$80,000 2007 $95,000 2010 $110,000 2013 $100,000 2004 $85,q00 .. ProposaLs for the Bonds may contain a maturity schedule providbg for a combination of serial bonds and term bonds, provided that no serial bond may mature on or after the first mandatory sinking fund redemption date of any term bond. Ail term bonds shall be subject to mandatory s[nk/ng fund redemption and 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 propesa[ must specify "Last Year of Serial Maturities" 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 dis~bution of Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate pdndpa[ amount of the Bonds matudng in each year,_ will be -i-