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20071001 - VI-03
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City Council
City Council - Type
CC Packets
Date
10/15/2007
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<br />EXHIBIT A <br />TERMS OF PROPOSAL <br /> <br />$2,425,000(a) <br /> <br />CITY OF HASTINGS, MINNESOTA <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 20078 <br /> <br />(BOOK ENTRY ONLY)p <br /> <br />Proposals for the Bonds will be received on Monday, November 5, 2007, Wltilll :00 A.M., <br />Central Time, at the offices of Springsted Incorporated, 380 Jackson Street, Suite 300, Saint <br />Paul, Minnesota, after which time they will be opened and tabulated. Consideration for award of <br />the Bonds will be by the City COWlcil at 7:00 P.M., Central Time, of the same day. <br /> <br />SUBMISSION OF PROPOSALS <br /> <br />Proposals may be submitted in a sealed envelope or by fax (651) 223-3046 to Springsted. <br />Signed Proposals, without final price or coupons, may be submitted to Springsted prior to the <br />time of sale. The bidder shall be responsible for submitting to Springsted the final Proposal price <br />and coupons, by telephone (651) 223-3000 or fax (651) 223-3046 for inclusion in the submitted <br />Proposal. Springsted will assume no liability for the inability of the bidder to reach Springsted <br />prior to the time of sale specified above. All bidders are advised that each Proposal shall be <br />deemed to constitute a contract between the bidder and the City to purchase the Bonds regardless <br />of the manner in which the Proposal is submitted. <br /> <br />DETAILS OF THE BONDS <br /> <br />The Bonds will be dated November 15, 2007, as the date of original issue, and will bear interest <br />payable on February 1 and August 1 of each year, commencing August 1,2008. Interest will be <br />computed on the basis of a 360-day year of twelve 30-day months. <br /> <br />The Bonds will mature February 1 in the years and amoWlts(b) as follows: <br /> <br />2010 <br />2011 <br />2012 <br />2013 <br /> <br />$235,000 <br />$230,000 <br />$230,000 <br />$235,000 <br /> <br />2014 <br />2015 <br />2016 <br /> <br />$240,000 <br />$245,000 <br />$245,000 <br /> <br />2017 <br />2018 <br />2019 <br /> <br />$250,000 <br />$255,000 <br />$260,000 <br /> <br />(a) Preliminary; subject to change. <br />(b) The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal <br />amount of the Bonds offered for sale. Any such increase or reduction will be made in multiples of$5,000 in any of <br />the maturities. In the event the principal amount of the Bonds is increased or reduced, any premium offered or any <br />discount taken by the successful bidder will be increased or reduced by a percentage equal to the percentage by <br />which the principal amount of the Bonds is increased or reduced. <br /> <br />2085700vl <br /> <br />A-I <br />
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