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E. WHEREAS, $1,230,000 of the principal amount of the Prior Bonds which mature <br />on or after February 1, 2006, are callable on February 1, 2005, at a price of par plus accrued <br />interest, as provided in the Prior Resolution; and <br /> <br /> F. WHEREAS, the refunding of the callable Prior Bonds, is consistent with <br />covenants made with the holders thereof, and is necessary and desirable for the reduction of debt <br />service cost to the City; and <br /> <br /> G. WHEREAS, the City Council has heretofore determined and declared that it is <br />necessary and expedient to issue General Obligation Tax Increment Crossover Refunding Bonds, <br />Series 2003 of the City in the amount of $1,285,000 (the "Bonds"), pursuant to Minnesota <br />Statutes, Chapter 475, to provide moneys for a crossover refunding of the callable Prior Bonds; <br />and <br /> <br /> H. WHEREAS, it is in the best interests of the City that the Bonds be issued in book- <br />entry form as hereinafter provided; and <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 $1,265,725.00, plus interest accrued to settlement, is hereby <br />accepted. <br /> <br />2. Bond Terms. <br /> <br /> (a) Title; Original Issue Date; Denominations; Maturities. The Bonds shall be titled <br />"General Obligation Tax Increment Crossover Refunding Bonds, Series 2003", shall be dated <br />July 1,2003, as the date of original issue and shall be issued forthwith on or after such date as <br />fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of <br />$5,000 each or in any integral multiple thereof of a single maturity (the "Authorized <br />Denominations"). The Bonds shall mature on February 1 in the years and amounts as follows: <br /> <br />Year Amount <br /> <br />2006-2007 $250,000 <br />2008 255,000 <br />2009-2010 265,000 <br /> <br />All dates are inclusive. <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 />applicablc Bond(s). <br /> <br />2 <br /> <br /> <br />