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THE crr'Y HAS AUTHORIZED SPRINGS'rED INCORPORATED TO NEGOTIATE THiS ISSUE
<br />ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
<br />
<br />TERMS OF PROPOSAL
<br />
<br /> $2,250,000*
<br /> CiTY OF RAMSEY, MINNESOTA
<br />GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1993A
<br />
<br />Proposals for the Bonds will be received on Tuesday, October 12, 1993, until 10:30 A.M.,
<br />Central Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 1 00, Saint
<br />Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award
<br />of the Bonds will be by the City Council at 7:30 P.M., Central Time, of the same day.
<br />
<br />DE-FAILS OF THE BONDS
<br />
<br />The Bonds will be dated November 1, 1993, as the date of original issue, and will bear interest
<br />payable on February 1 and August 1 of each year, commencing February 1, 1994. Interest will
<br />be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be
<br />issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the
<br />purchaser, and fully registered as to principal and interest. Principal will be payable at the main
<br />corporate office of the registrar and interest on each Bond will be payable by check or draft of
<br />the registrar mailed to the registered holder thereo~ at the holder's address as it appears on the
<br />books of the registrar as of the close of business on the 15th day of the immediately preceding
<br />month.
<br />
<br />The Bonds will mature February 1 in the years and amounts as follows:
<br />
<br />1997 $165,000
<br />1 998 $170,000
<br />1999 $175,000
<br />2000 $185,000
<br />
<br />2001 $195,000
<br />2002 $200,000
<br />2OO3 $210,000
<br />20O4 $22O,OOO
<br />
<br />2O05 $230,OOO
<br />2008 $245,000
<br />2007 $255,O0O
<br />
<br />The City reserves the right, after proposals are opened and pdor to award, to increase or reduce the
<br />principal amount of the Bonds offered for sate. Any such increase or reduction will be in a total
<br />amount not to exceed $100,000 and will t~e made in multiples of $5,000 in any of the maturities. In the
<br />event the principal amount of the Bonds is increased or reduced, any premium offered or any
<br />discount taken will be increased or reduced by a percentage equal to the percentage by which the
<br />principal amount of the Bonds is increased or reduced.
<br />
<br />OPTIONAL REDEMPTION
<br />
<br />The City may elect on February 1, 2003, and on any day thereafter, to prepay Bonds due on or
<br />after February 1, 2004, Redemption may be in whole or in part and if in part, at the option of
<br />the City and in such order as the City shall determine and within a maturity by lot as selected
<br />by the registrar. All prepayments shall be at a price of par plus accrued interest.
<br />
<br />SECURFr'Y AND PURPOSE.
<br />
<br />The Bonds will be general obligations of the City for which the City will pledge its full faith and
<br />credit and power to levy direct general ad valorem taxes. In addition the City will pledge tax
<br />increment income generated within the City's Development District No. 1. The proceeds will be
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