20071105 - VIII-C-1 - Laserfiche WebLink

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Bidder Interest Rate Net Interest Cost NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hastings, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of (the "Purchaser"), to purchase $2,425,000 General Obligation Improvement Bonds, Series 2007B of the City (the "Bonds", or individually a "Bond"), in accordance with the terms of proposal, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ ,plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to the Purchaser. The Finance Director is directed to retain the deposit of said Purchaser and to forthwith return to the others making proposals their good faith deposits. 2. Terms of Bonds. (a) Title; Oris;inal Issue Date; Denominations; Maturities- Term Bonds. The Bonds shall be titled "General Obligation Improvement Bonds, Series 2007B", shall be dated November 15, 2007, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. 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 Bonds shall mature on February 1 in the years and amounts as follows: Year Amount Year Amount 2010 $235,000 2015 $245,000 2011 230,000 2016 245,000 2012 230,000 2017 250,000 20I 3 235,000 2018 255,000 2014 240,000 2019 260,000 As may be requested by the Purchaser, one or more term Bonds may be issued having mandatory sinking fiznd redemption and final maturity amounts conforming to the foregoing principal repayment schedule, and corresponding additions maybe made to the provisions of the applicable Bond(s). (b) Book Entry Onl~ystem. 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 successors to its functions hereunder {the "Depository") will act as securities depository for the Bonds, and to this end: (i) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of 2086247v1 2