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

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registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of $,%000 or any multiple thereof of a single maturity through book entries made on the books and records of DTO and its participants. Pfindpa[ and interest are payable by the registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such parlJcipan.ts and other nominees of benefida! owners. The purchaser, as a condition of delivery of the Bonds, will be required to depose the Bonds with DTC. I I I I REGISTRAR The City will name the registrar which shall be subject to applicabfe SEC regulations. will pay for the services of the registrar. OPTIONAL REDEMPTION The City I I The City may elect on January 1, 2008, and on any day thereafter, to prepay Bo'nds due on or after January 1, 2009. Redemption may be in whole or in par[ and if in part at the option of the City and in such manner as the City shall determine. If less than all Bonds of a maturity are called for redemption, the City will notK-y DTO of the par'titular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. Ail prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE I I i The Bonds will be general obligations of the City for 'which the City will pledge its full fain and credit and power to levy direct general ad valorem taxes. In addition the City will pledge tax increment income generated within the City's Tax Increment Finandng DistricLs Nos. '~, 2, and 4. The proceeds will be used to finance a portion of the acquisition, construction, and equipping of a 50-unit senior rental housing facility to be located w~thin the City. TYPE OF PROPOSALS ProposaLs shall be for not less than $1,180,000 and accrued interest on the tota! pdndpal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form of a cert~ed or cashier's check or a Financial Surety Bond in the amount of $t 1,950, payable to the order of the City. If a check is used, It must accompany each proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Spdngsted Incorporated prior to the opening of the proposals. The F'inancJat Surety Bond must identify each underwriter whose Deposit is guaranteed by such Finandal Surety Bond. If the Bonds are awarded to an underwriter using a Ffnan~al Surety Bond, then that purchaser is required to submit its Deposit to Spdngsted Incorporated in the form of a certified or cashier's check or wire transfer as instructed by Spdngsted incorporated not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Finanda[ Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit the ch~';k of the purchaser, the amount of which will be deducted at settlement and no interest wilt accrue 4o the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or amended after the tfme set for receMng proposals un[ess the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of I%. Rates must be in ascending order. Bonds of the same matudty shall bear_a single I I I !' I ! I I