08-15-05 - Laserfiche WebLink

Home Browse Search

Agreement Between the City of Hastings and Hastings School District #200 Regarding Financing of The 2nd Ice Sheet at the Civic Arena WHEREAS, at its meeting on July 21, 1997 the Hastings City Council took action awarding the sale of bonds for the City of Hastings and Hastings School District #200 for the Civic Arena improvement project; WHEREAS, the bond sale in the amount of $815,000 was awarded to a group of investment firms, led by Norwest Investment Service; WHEREAS, the joint effort by the City of Hastings and Hastings School District #200 to collaborate on this financing package has been with the understanding that the City would contribute $500,000 (2/3) and Hastings School District #200 would contribute $250,000 (1/3), plus the cost of financing, for the cost of the Civic Arena improvement project for the second ice sheet; WHEREAS, total payments made over a twenty year period will equal $1,329,597.50; WHEREAS, the total payment amounts will fluctutlte each year, and the City of Hastings will b~ making 2 payments each year; . The City of Hastings and Hastings School District #200 h~reby agree as follows: . 1.) Hastings School District #200 agrees to make payment in the amount of $23,267 on January 1 of each year beginning January 1, 1998, and continuing through and including January 1,2017. 2.) The City of Hastings agrees to allow Hastings School District #200 to retain the option of making payment of the remaining balance at any time during the life of the bond payment schedule. 3.) The City of Hastings agrees to notify Hastings School District #200 by December 1 each year preceding the payment due date. r;).~ .4, ~ Donald May Chair '/7/'18' Date Michael D. Werner Mayor ~ !b~/~ Jo ce i?;ruitt City Clerk 1/7j9V Date Wayn augen Superintendent of Schoo _~~'~.1 ~!\~~~f~t 1";," '\':J ',"',"\, :~'~';:':: .Lge 1 of .