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OFFICIAL TER/¥LS OF OFFERING
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<br /> $2,800,000
<br /> CITY OF RAMSEY, MININESOTA
<br />OBLIGATION TAX INCREMENT BONDS, SERIES 1~7A
<br />
<br />Sealed bids for the lk~n4:~ will be opened by the City Administrator on Tuesday, July 7, 1987, at
<br />I-'00 P.M., Central Time, at the offices of SPRINGS'I'ED Incorporated, 85 East Seventh Place, Suite
<br />100, Saint Paul, Minnesoia 55101-2143. Consideration for award of the Bonds will be by the City
<br />Council at 7:30 P.M.:. (:entrc~l 'rime, of the same day.
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<br />DETAILS OF THE BONDS
<br />
<br />The Bonds will be dated August I, 1987, as 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~dc~y year of twelve 30-day months and will be rounded pursuant to rules of the
<br />MSRB. The Bonds will be issued in the denomination of $5,000 each, or in integral multiples thereof
<br />as requested by the f~urchaser, and fully registered as to principal and interest. Principal will be
<br />payable at the main corporate office of the Registrar and interest on each Bond will-be payable by
<br />check or draft of the Registrar mailed to the registered holder thereof at his address as it appears on
<br />the books of the Registrar as of the ISth day of the calendar month next preceding the interest
<br />payment.
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<br />The Bonds will maturr~ February I in the amounts and years as follows:
<br />
<br />50,000 1990-19'~1
<br />00,000 1992-.199&
<br />$125,000 1995..1997
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<br />$150,000 1998-1999 $200,000 2002-2003 $250,000 2006
<br />$175,000 2000-2001 $225,000 200~-2005 $275,000 2007
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<br />OPTIONAL REDEMPTION
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<br />The City may elect' on irebruory I, 1996, and any interest payment date thereafter, to prepay Bonds
<br />due on or after F~d~ruory I, 1997. Redemption may be in whole or in part of the Bonds subject to
<br />prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity
<br />date will be preputial first. If only part 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 pr~r and accrued interest.
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<br />SECURITY AND PURPOSE
<br />
<br />The Bonds will be gen~rol 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 #1. The proceeds will be used to
<br />finance public [rnI~row:ments within Development District #1.
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<br />TYPE OF BID
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<br />A sealed bid for not I~.'ss than $2,7~,5,~,00 and accrued interest on the total principal amount of the
<br />Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to
<br />the time set for I)'id opening, a certified or cashier's check in the amount of $28,000, payable to the
<br />order of the City, shc~il have been filed with the undersigned or SPRINGS'rED Incorporated, the City's
<br />financial Advisor~ No bid will be considered for which said check has not been filed. The check of
<br />Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to
<br />comply with the <~,::cepted bid. The City will deposit the check of the Purchaser, the amount of
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