Agenda - Council - 01/14/2003 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I ! 2004, and thereafter, on March 1, 2003 in accordance with the Prior Resolution in order t° 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 $945,000 General Obligation Tax Increment Refunding Bonds of 2003 (the "Bonds" or individually, a "Bond"), pursuant to Minnesota Statutes, Chapter 475, to provide funds to pay on March 1, 2003, all of the City's 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 limitations on negotiated sales as required by Minnesota Statutes,. Section 475.60, Subdivision 2(2); and I. 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 Ramseyl 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 $ ' i, plus interest accrued to settlement, is hereby accepted. 2. Bond Terms. (a) Title; Original Issue Date; Denominations; Maturities; Term Bond Option.. The Bonds shall be titled "General Obligation Tax Increment Refunding Bonds of 2003", shall be dated February 1, 2003, 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"). as follows: The Bonds shall mature on February t in the years and amOunts Year Amount Year 2004 $240,000 2006 2005 215,000 2007 Amount $235,000 255,000 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). (b) Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws. of the State of New York or any of its successors or its 1487836vl 2 ,331-