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OFFICIAL STATEMENT DATED SEPTEMBER 28, 1993
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<br /> Rating: Requested from Moody's
<br />NEW ISSUE Investors Service
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<br />In the opinion of Holmes & Graven, Chartered, Bond Counsel, under existing laws, regulations, rulings and decisions,
<br />assuming compliance with the covenants set forth in the Resolution, the interest on the Bonds is not includable in the
<br />gross income of the owners thereof for federal income tax purposes or in taxable net income of individuals, estates or
<br />trusts for Minnesota income tax purposes, and is not a preference item for purposes of the computation of the alternative
<br />minimum tax or the computation of Minnesota alternative minimum tax imposed on individuals, trusts and estates.
<br />Interest on the Bonds is includable in the calculation of certain federal and Minnesota taxes imposed on corporations.
<br />(See "Tax E~emption" herein.)
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<br /> $ , s0,000
<br /> City of Ramsey, Minnesota
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<br />General Obligation Tax Increment Refunding Bonds, Series 1993A
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<br />Dated Date: November 1, 1993
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<br />The Bonds will mature February 1 as follows:
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<br />1997 $165,000
<br />1998 $170,000
<br />1999 $175,000
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<br />2OOO $185,OO0
<br />2001 $195,000
<br />2002 $200,000
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<br />Interest Due: Each February 1 and August 1,
<br /> commencing February 1, 1994
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<br />20O3 $210,000
<br />20O4 $220,000
<br />2005 $230,000
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<br />2OO6 $245,OOO
<br />2007 $255,000
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<br />The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal
<br />amount of the Bonds offered for sale. Any such increase or reduction wi//be in a total amount not to exceed
<br />$100,000 and will be made in mu/tip/es of $5,000 in any of the maturities. In the event the principal amount of the
<br />Bonds is increased or reduced, any premium offered or any discount taken will be increased or reduced by a
<br />percentage equal to the percentage by which the principal amount of the Bonds is increased or reduced.
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<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 at a price of par plus accrued interest.
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<br />The Bonds will be general obligations of the City for which the City pledges its full faith and credit
<br />and power to levy direct general ad valorem taxes. In addition, the City will pledge tax increment
<br />income generated within the City's Development District No. 1. Proceeds of the Bonds will be
<br />used to advance refund the 1997-2007 maturities of the City's General Obligation Tax Increment
<br />Bonds, Series 1987A, dated August 1,1987.
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<br />Proposals shall be for not less than $2,225,250 and accrued interest on the total principal amount
<br />of the Bonds and must be accompanied by a good faith deposit in the form of a certified or
<br />cashier's check or a Financial Surety Bond in the amount of $22,500, payable to the order of the
<br />City. Proposals shall specify rates in integral multiples of 5/100 or 1/8 of 1%. Rates must be in
<br />ascending order. Award of the Bonds will be on the basis of True Interest Cost (TIC).
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<br />The Bonds will be bank-qualified tax-exempt obligations pursuant to Section 265(b)(3) of the
<br />Internal Revenue Code of 1986, as amended, and will not be subject to the alternative minimum
<br />tax for individuals.
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<br />The Bonds will be issued in integral multiples of $5,000, as requested by the Purchaser and will be
<br />fully registered as to principal and interest. The Bonds will be delivered without cost to the
<br />Purchaser within 40 days following the date of their award. The City will name the Registrar and
<br />pay for registration services.
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<br />PROPOSALS DUE: October 12, 1993 (Tuesday) at 10:30 A.M., Central Time
<br />AWARD: October 12, 1993 (Tuesday) at 7:30 P.M,, Central Time
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<br />SPRINGSTED
<br />PUBLIC FINANCE ADVISORS
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<br />Further information may be obtained from
<br />SPRINGSTED Incorporated, Financial Advisor to
<br />the Issuer, 85 East Seventh Place, Suite 100,
<br />Saint Paul, Minnesota 55101 (612) 223-3000.
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