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Summary of Recommended Terms: <br />1. Type of Bond Sale <br />2. Pricing <br />3. Council Consideration <br />4. Statutory Authority <br />5. Repayment Term <br />6. Security <br />7. Prepayment Option <br />8. Tax Status <br />9. Credit Enhancement <br />Negotiated Sale with Northland Securities <br />Thursday, August 4, 2011 <br />Tuesday, August 9, 2011 <br />The Bonds are being issued pursuant to Minnesota <br />Statutes Chapter 475, 429 and 162.81, <br />The Bonds will mature annually each February 1, <br />2013 through 2022. Interest on the Bonds will be <br />payable on August 1, 2012 and semiannually <br />thereafter on each February 1 and August 1. <br />General obligation of the City. In addition the City <br />will pledge special assessment against benefitted <br />properties for the Improvement Portion and <br />municipal state aid allotments received annually <br />from the Minnesota Department of Transportation <br />for the MSA Portion. <br />The Bonds due on or after February 1, 2019 will be <br />subject to redemption on February 1, 2018 at price <br />of par. <br />Briggs and Morgan, St. Paul, Minnesota <br />We believe a credit rating will be cost beneficial. <br />The City currently has an AA+ rating from <br />Standard and Poor's on its outstanding general <br />obligation debt. We recommend the City pursue a <br />rating with Standard & Poor's Corporation on this <br />issue. <br />Page 4 <br />NORTHLAND SECURITIES <br />