Laserfiche WebLink
I <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />LAW <br /> <br />CLAYTON L. LI;FFVERr <br /> <br />L£fEVERE, LEFLER, KENNEDY, O'BRIEN & DRAWZ <br /> <br /> A PROI~ESSIONAL AS~OClATIC)N <br /> <br /> BROOKLYN CENTER <br /> · 000 FIRST BANI< PLACE WEST <br /> [03 BROOKLYN LAW CENTER <br /> NINNE~POLIS, NINNESOTA 5B40~ 5637 BROOKLYN BOULEVARD <br /> BROOKLYN CENTER~ MINNESOTA <br /> TELEPHONE (~12) 333-0543 <br /> <br />~. William Goodrich <br />Randall, Dehn & Goodrich <br />Attorneys at Law <br />211 East Main Street <br />Anoka, MN 55303 <br /> <br />August 31, 1981 <br /> <br />'RICHARD J. SCHIEFFER <br /> <br />Re: <br /> <br />Dear Bill: <br /> <br />$815,000 G.O. Improvement Bonds of 1981 of the City <br />of Ramsey, MN <br /> <br /> Please find enclosed copies of the resolufion adopted <br />August 25, 1981, by the Ramsey City Council setting the details <br />on the abovementioned sale. I have forwarded copies of the abbrev- <br />iated notice of sale to Commercial West and to .the Anoka County <br />Union & Shopper for publication on September 5 and September 4, <br />respectively. <br /> <br /> I understand.from our conversation earlier today that you'll <br />be providing the City's general and the County Auditor's certificates <br />so that we may begin preparation of the official statement on this <br />issue, which we would anticipate-circulating to potential interested <br />investors approximately.one week prior to the sale. I'm sure you <br />will also notify us immediately as soon as you receive a rating for <br />the City's bonds from Moody's. <br /> <br /> I have enclosed a calculation which shows what the debt service <br />on the bonds would be for an 11% interest rate. As~you can see, <br />this does not result in a perfectly level debt service schedule, but <br />is instead a gradually decreasing one. The lateness and the rela- <br />tively small amount of' the first maturity,.however, should provide <br />the City some opportunity to have some of its special assessment <br />income on the projects on hand before the various principal ~nd <br />interest payments come due. Note also that all bonds maturing on <br />or after April 1, 1989, that is, $395,000 in bonds, or almost 50% <br />of the issue, are subject to prior redemption on or after April 1, <br />1988. If the bond market should improve significantly at ~hat time, <br />this would allow the City to refinance %hat portion of the issue. <br /> <br /> I have also enclosed a copy of our list of proceedings under <br />Chapter 429 and would ask you to begin assembling and providing me <br />with copies of these proceedings, especially numbers 3 %hro~gh 13. <br />Copies of a form which can be used for Item No. 13 are also included <br />wire'these materials.- <br /> <br /> <br />