Agenda - Council - 02/26/1985 - Laserfiche WebLink

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OFFICIAL STATEMENT $705,000* GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS SERIES 1985 CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA INTRODUCTION The purpose of this Official Statement (including all appendices) is to set forth certain information relating to the sale of $705,000* amount of the General Obligation Refunding Improvement Bonds, Series 1985, (the Refunding Bonds) of the City of Ramsey, Anoka County, Minnesota (the City). All references to and summaries of certain provisions of the laws of the State of Minnesota and any other documents referred to herein do not purport to be complete and are qualified in their entirety by reference to the complete provisions thereof. This Offi- cial Statement is not to be construed as a contract or an agreement between the City and purchasers or holder of any of the Bonds. PURPOSE AND AUTHORITY The Refunding Bonds are being issued pursuant to Minnesota Statutes, Section 475.67, to refund in advance of maturity the City's issue of $815,000 General Obligation Improvement Bonds of 1981, (the "1981 Bonds") dated October 1 of that year. The 1981 Bonds presently have $700,000 in principal amount outstanding. SECURITY The Bonds will be general obligations of the City of Ramsey backed by the full faith and credit and taxing powers of the City, together with special assessments which have been levied against benefited properties. USE OF PROCEEDS The proceeds of the Bonds will be applied towards the expenses of refunding, to provide a beginning cash escrow balance and to purchase U.S. Treasury Certificates of Indebtedness and Notes -- State and Local Government Series. These Securities will be held in an escrow account for the retirement of the outstanding bonds at their earliest date of redemption. MN220.85a/23