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THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE <br />ON THEIR BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: <br /> <br />TERMS OF PROPOSAL <br /> <br /> $1,525,000 <br /> CITY OF RAMSEY, MINNESOTA <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, <br /> SERIES 1992A <br /> <br />Proposals for the Bonds will be received by the City Administrator or his designee on Tuesday, <br />January 14, 1992, until 1:00 P.M., Central Time, at the offices of SPRINGSTED incorporated, 85 <br />East Seventh Place, Suite 100, Saint Paul, Minnesota, after which time they will be opened and <br />tabulated. Consideration for award of the Bonds will be by the City Council at 7:30 P.M., <br />Central Time, of the same day. <br /> <br />DETAILS OF THE BONDS <br /> <br />The Bonds will be dated February 1, 1992, as the date of original issue, and will bear interest <br />payable on February 1 and August 1 of each year, commencing August 1, 1992. Interest will <br />be computed on the basis of a 360-day year of twelve 30-day months. The Bonds will be <br />issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the <br />purchaser, and fully registered as to principal and interest. Principal will be payable at the main <br />corporate office ol the registrar and interest on each Bond will be payable by check or draft of <br />the registrar mailed to the registered holder thereof at the holder's address as it appears on the <br />books of the registrar as of the close of business on the 15th day of the immediately preceding <br />month. <br /> <br />The Bonds will mature on February 1, 1995. <br /> <br />OPTIONAL REDEMPTION <br /> <br />The City may elect on February 1, 1994, to prepay Bonds due on February 1, 1995. <br />Redemption may be in whole or in part and if in part by lot as selected by the registrar. All <br />prepayments shall be at a price of par plus accrued interest. <br /> <br />SECURITY AND PURPOSE <br /> <br />The Bonds will be general 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 <br />special assessments against benefited property. The proceeds will be used to finance <br />improvements within the City. <br /> <br />TYPE OF PROPOSALS <br /> <br />Proposals shall be for not less than $1,511,275 and accrued interest on the total principal <br />amount of the Bonds. Proposals shall be' accompanied by a Good Faith Deposit ("Deposit") in <br />the form of a certified or cashier's check or a Financial Surety Bond in the amount of $15,250, <br />payable to the order of the City. If a check is used, it must accompany each proposal. If a <br />Financial Surety Bond is used, it must be from an insurance company licensed to issue such a <br />bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to <br />Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond <br /> <br />-i- <br /> <br /> <br />