Agenda - Council - 02/13/2007 - Laserfiche WebLink

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• F. WHEREAS, the City Council deems it desirable and in the best interests of the City to call for redemption and prepayment all of the Prior Bonds which mature on December 15, 2011, and thereafter, on March 15, 2007 in accordance with the Prior Resolution in order to reduce the debt service costs to the City; and G. WHEREAS, the City Council hereby determines and declares that it is necessary and expedient to issue $955,000 General Obligation Tax Increment Refunding Bonds, Series 2007B (the "Bonds" or individually, a "Bond "), pursuant to Minnesota Statutes, Chapter 475, to provide funds to pay on March 15, 2007, all of the Prior Bonds (the "Refunded Bonds "), which then remain outstanding (the "Refunding "); and H. WHEREAS, no other obligations have been sold pursuant to a private sale within the last twelve (12) calendar months of the date hereof which when combined with this issue would exceed the $1,200,000 limitation on negotiated sales as required by Minnesota Statutes, Section 475.60, Subdivision 2(2); and 1. WHEREAS, it is in the best interests of the City that the Bonds be issued in book - entry form as hereinafter provided; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Ramsey, Minnesota, as follows: - 1. Acceptance of Offer The offer of Northland Securities, Inc. (the "Purchaser "), to purchase the Bonds, in accordance with the terms and at the rates of interest hereinafter set forth, • and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby accepted. 2. Bond Terms (a) Title O riginal Issue Date; Denominations• Maturities; T erm Bond O ption . The Bonds shall be titled "General Obligation Tax Increment Refunding Bonds, Series 2007B ", shall be dated March 1, 2007, as the date of original issue and shall be issued forthwith on or after such date in fully registered form. The Bonds shall be numbered from R -1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations ") and shall mature on December 15 in the years and amounts as follows: Year Amount Year Amount 2007 2011 2008 2012 2009 2013 2010 2014 As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fund redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions may be made to the provisions of the • applicable Bond(s). 1988179vi 2 —211—