Agenda - Council - 02/28/1995 - Laserfiche WebLink

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representing the aggregate principal amount of the Bonds maturing in each year, will be registered in the name of Kray & Co. as nominee of Midwest Securities Trust Company (MST_C), Chicago, Illinois, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof of a ~ngle maturity through book entries made on the books and records of MSTC and its participants. Principal and interest are payable by the registrar to MSTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of MST~ will be the responsibility of MSTC; transfer of principal and interest payments to bene. ficial owners by participants will be the responsibility of such par[icipants and other nom~_~ees of beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be requi~ed to deposit the Bonds with MSTC. REGISTRAR The ~i(y will name the registrar which shall be subject to applicable SEC regulations. The City will p~y for the services of the registrar. OPTIONAL REDEMPTION The City may elect on February 1, 2005, and on any day thereafter, to prepay Bonds due on or after~-February 1, 2006. Redemption may be in whole or in part and if in part at the option of the city ~nd in such manner as the City shall determine. If less than all Bonds of a maturity are calle~d for redemption, the City will notify MSTC of the particular amount of such maturity to be prep. r'aid. MSTC will determine by lot the amount of each participant's interest in such maturity to b8 redeemed and each participant will then select by lot the beneficial ownership interests in sucK maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE -; Thei. Bonds will be general obligations of the City for which the City will pledge its full faith and cre~t and power to levy direct general ad valorem taxes. In addition the City will pledge tax increment revenues generated from the City's Tax Increment Financing Districts Nos. 1, 2 and 4. ~he proceeds will be used to finance various public improvement projects within the City's DeVelopment District No. 1. TYPE OF PROPOSALS Proposals shall be for not less than $2,561,000 and accrued interest on the total principal amDunt of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the~form of a certified or cashier's check or a Financial Surety Bond in the amount of $26,000, pa~ble to the order of the City. If a check is used, it must accompany each proposal. If a Fi~ncial Surety Bond is used, it must be from an insurance company licensed to issue such a bo~d in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Sp~ngsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must id~tify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bohds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is re~ired to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's chock or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Tioe, on the next business day following the award, tf such Deposit is not received by that tirfie, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. Th-e City will deposit the check of the purchaser, the amount of which will be deducted at se~lement and no interest will accrue to 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 beiwithdrawn or amended after the time set for receiving proposals unless the meeting of the Ci(y 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 Page 12 I I I I' I I i I I I ! I I