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OFFICIAL TERMS OF OFFERING
<br /> $235,000
<br /> CITY OF RAMSEY, MINNESOTA
<br />L ()BLIG-ATION TAX INCREMENT
<br />SERIES 1989B
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<br />BONDS,
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<br />Scaled bi(Is f~, th~ Bo~cls will be received by the City or its designee on Tuesday, November 28,
<br />1989, until 1 :~)()i~.m., Central Time, at the offices of Springsted Incorporated, 85 East Seventh
<br />Pl~cc, Suit( I()(}, Saint Paul, Minnesota after which time they will be opened and tabulated.
<br />Consiclcra~i~)~. i'(),' award of the Bonds will be by the City Council at 7:30 p.m., Central Time, of
<br />thc, saint
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<br />DETAILS OF THE BONDS
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<br />The 13on¢1.~; ,,viii I),'. dated Dece~nber 1, 1989, as the date of original issue, and will bear interest
<br />payable o(~ l:,.;bruary I and August 1 of each year, commencing August 1, 1990. Interest will be
<br />colnptllcd t)~ Irc b:t:4is of a 360-day year of twelve 30-day months and will be rounded pursuant to
<br />rules o1' thc MSI41;. The Bonds will be issued in the denomination of $5,000 each, or in integral
<br />mulliplcs th,;~'(;oi', as requested by the purchaser, and fully registered as to principal and interest.
<br />Principal will I;¢.: t):~yablc at the main corporate office of the registrar and interest on each Bond will
<br />bc l)ayablt; [,y ~'1 ~t;*.,k or draft of the registrar mailed to the registered holder thereof at the holder's
<br />address as it ~tl~!,ct~'s on the books of the registrar as of the close of the business on the 15th day of
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<br />Thc B()mh; v/,)) ~ ~m~re l:ebruary 1 in the years and amounts as follows:
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<br />$20,000 1994 $25,000 1997 $30,000
<br />$20,000 1995 $25,000 1998 $30,000
<br />$25,000 1996 $25,000 1999 $35,000
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<br />OPTIONAL REDEMPTION
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<br />The City ~ay d,~c.t on l:ebruary 1, 1997, and on any day thereafter, to prepay Bonds due on or
<br />af'tcr I:cbrt~l? i, 19914. Redemption may be in whole or in part and if in part, in inverse order of
<br />maturily at/(I ,:.,~thi~ a maturity by lot as selected by the registrar. All prepayments shall be at a
<br />[)ric(3 o1' ])[/J' iii1(1 ;lc( I'tlCd interest.
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<br />SECURITY AND PURPOSE
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<br />Thc Igomh; ;v,ll t)~z ~,~enczral obligations of the City of which the City will pledge its full faith and
<br />credit and pt)e,,c~' ['o levy direct general ad valorem taxes. In addition the City will pledge tax
<br />increment Jnc..'~m; generated whhin Development District No. 1. The proceeds will be used to
<br />finance iml)r,r,/ca ~(.:,~ts within Development District No. 1.
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<br />TYPE OF BID
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<br />Bids shall bt; i'(,,, ~, ,I less than $231,945 and accrued interest on the total principal amount of the
<br />Bomls, an{t :;I'~a[/ I,~; accompanied by a certified or cashier's check in the amount of $2,350,
<br />payable t(> ~l~c {,~d, r ()ff thc City. No bid will be considered for which said check has not been
<br />rocdvccl, Thc (it3, xvill deposit thc check of the purchaser, the amount of which will be deducted
<br />at scltlc:menl at~(i nc, interest will accrue to the purchaser. In the event the purchaser fails to comply
<br />with tile acc'cpt,:,.t })3d, said amount will be retained by the City. No bid can be withdrawn after the
<br />time scl for t',x:,zivir~g bids unless the meeting of the City scheduled for award of the bids is
<br />adj()urncd, ~'(:ccs.st;¢! or continued to another date without award of the Bonds having been made.
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