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OFFICIAL TERMS OF OFFERING
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<br /> CITY OF RAMSEY, MINI',ESOTA
<br />TAXABL[ (;~Z~',tEP, AL OBLIGATION TAX INCRE/VlENT BONDS, SERIES 1~87B
<br />
<br />Sealed bids for the E~o~d~ will be opened by the City Administrator on Tuesday, July 7, 1987, at
<br />I:00 P.M., Central Time, .at the offices of SPRINGSTED Incorporated, 85 East Seventh Place, Suite
<br />100, Saint Paul, Mir, ne~ota 55101-2143. Consideration for award of the Bonds will be by the City
<br />Council at 7:30 P.M., f'eniral Time, of the same day.
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<br />DETAILS OF THE BONDS
<br />
<br />The Bonds will be d¢ded August I, 1987, os the date of original issue, and will bear interest payable on
<br />February I and August I of each year, commencing February I, 1988. Interest will be computed upon
<br />the basis of a 360-d,~y y~;ar of twelve 30-day months and will be rounded pursuant to rules of the
<br />MSRB. The Bonds wili bt::- issued in the denomination of $5,000 each, or in integral multiples thereof
<br />os requested by the P~Jrchaser, and fully registered os to principal and interest. Principal will be
<br />payable at the m,~in corporate office of the Registrar and interest on each Bond will be payable by
<br />check or draft of th~ Registrar moiled to the registered holder thereof at his address os it appears on
<br />the books of the f<¢.gist~'ar as of the I Sth day of the calendar month next preceding the interest
<br />payment.
<br />
<br />The Bonds will m~l',J~ e F~bruory I in the amounts and years os follows:
<br />
<br />0,000 1090-1',)~2 ~20,000 1998-1999 :~30,000 2003-2004 $40,000 2006
<br />5,000 I793-199~ 025,000 2000-2002 $35,000 2005 $~5,000 2007
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<br />OPTIONAL REDEMPTION
<br />
<br />The City may dec? o~ February I, 1996, and any interest payment date thereafter, to prepay Bonds
<br />due on or after Fet~ruary I, 1997. Redemption may be in whole or in part of the Bonds subject to
<br />prepayment. If ,-edemp',:ior~ is in part, those Bonds remaining unpaid which have the latest maturity
<br />date will be prepaid fir~.t. If only pc~rt of the Bonds having a common maturity date are called for
<br />prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. 'All prepayments
<br />shall be at a price of pqr and accrued interest.
<br />
<br />SECURITY AND PURPOSE
<br />
<br />The Bonds will he ,_jene~al obligations of the City for which the City will pledge its full faith and
<br />credit and power ia levy direct general ad valorem taxes. In addition the City will pledge tax
<br />increment income generated within the City's Development District ttl. The proceeds will be used to
<br />finance non-public cost-.'~ associated with two projects being undertaken by the City within Develop-
<br />ment District #1,
<br /> TAXABILITY OF INTEREST
<br />
<br />The Bonds are '~z'~ivdt<: Activity Bonds" under the definitions of the Tax Reform Act of 1986.
<br />Interest on the Bonds is includible in gross income of the recipient, for United States and State of
<br />Minnesota income taxx purposes, and is subject to Minnesota Corporate and bank excise taxes
<br />measured by net
<br /> TYPE OF BID
<br />
<br /> sealed bid for not less than $392,100 and accrued interest on the total principal amount of the
<br />Bonds shall be filed wi th the undersigned prior to the time set for the opening of bids. Also prior to
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