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F. WHEREAS, the City Council deems it desirable and in the best interests of the <br />City to call for redemption and prepayment all of the Prior Bonds which mature on February 1, <br />2004, and thereafter, on March 1, 2003 in accordance with the Prior Resolution in order to <br />reduce the debt service costs to the City; and <br /> <br /> G. WHEREAS, the City Council hereby determines and declares that it is necessary <br />and expedient to issue $945,000 General Obligation Tax Increment Refunding Bonds of 2003 <br />(the "Bonds" or individually, a "Bond"), pursuant to Minnesota Statutes, Chapter 475, to provide <br />funds to pay on March 1, 2003, all of the City's Prior Bonds (the "Refunded Bonds"), which then <br />remain outstanding (the "Refunding"); and <br /> <br /> H. WHEREAS, no other obligations have been sold pursuant to a private sale within <br />the last twelve (12) calendar months of the date hereof which when combined with this issue <br />would exceed the $1,200,000 limitations on negotiated sales as required by Minnesota Statutes, <br />Section 475.60, Subdivision 2(2); and <br /> <br /> I. WHEREAS, it is in the best interests of the City that the Bonds be issued in book- <br />entry form as hereinafter provided; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ramsey, <br />Minnesota, as follows: <br /> <br /> 1. Acceptance of Offer. The offer of Northland Securities, Inc. (the "Purchaser"), to <br />purchase the Bonds in accordance with the terms and at the rates of interest hereinafter set forth, <br />and to pay therefor the sum of $ , plus interest accrued to settlement, is <br />hereby accepted. <br /> <br />2. Bond Terms. <br /> <br /> (a) Title; Original Issue Date; Denominations; Maturities; Term Bond Option. The <br />Bonds shall be titled "General Obligation Tax Increment Refunding Bonds of 2003", shall be <br />dated February I, 2003, as the date of original issue and shall be issued forthwith on or after such <br />date in fully registered form. The Bonds shall be numbered from R-1 upward in the <br />denomination of $5,000 each or in any integral multiple thereof of a single maturity (the <br />"Authorized Denominations"). The Bonds shall mature on February 1 in the years and amounts <br />as follows: <br /> <br />Y ear Amount Year Amount <br /> <br />2004 $240,000 2006 $235,000 <br />2005 215,000 2007 255,000 <br /> <br /> As may be requested by the Purchaser, one or more term Bonds may be issued having <br />mandatory sinking fund redemption and final maturity amounts conforming to the foregoing <br />principal repayment schedule, and corresponding additions may be made to the provisions of the <br />applicable Bond(s). <br /> <br />1487836vl 2 <br /> <br /> <br />