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<br />City of Hastings, Minnesota <br />September 26, 2005 <br /> <br /> The Series 2oo5B Bonds are further authorized <br /> pursuant to the City's Home Rule Charter. <br />5. Principal Amount of the Bonds The Series 200SA Bonds - $4,895,000 <br /> The Series 2005B Bonds - $3,740,000 <br /> Included in the Terms of Proposal for the Bonds is a <br /> provision that permits the City to increase or reduce <br /> the principal amount of the Bonds in any of the <br /> maturities. This allows for any necessary adjustments <br /> required for the Refunding Portion of the Series 2005A <br /> Bonds and the Series 2005B Bonds based on final <br /> interest rates and issuance costs. <br />6. Repayment T enn The Series 2005A Bonds will mature annually <br /> February 1, 2007 through 2019. Interest will be <br /> payable semi-annually each February 1 and August 1, <br /> commencing August 1, 2006. <br /> The Series 2005B Bonds will mature annually <br /> February 1, 2007 through 2014. Interest will be <br /> payable semi-annually each February 1 and August 1, <br /> commencing August 1, 2006. <br />7. Security and Source of Payment The Issues will be general obligations ofthe City, <br /> secured by its full faith and credit and taxing power. <br /> Source of payment and payment cycle for each issue <br /> can be found in the Discussion section. <br />8. Prepayment Provisions The City may elect on February 1, 2014, and on any <br /> date thereafter, to prepay the Series 2005A Bonds due <br /> on or after February 1, 2015, at a price of par plus <br /> accrued interest. <br /> To maximize the potential for savings, the Series <br /> 2005B Bonds will not be subject to prepayment prior to <br /> their stated maturity dates. <br />9. Credit Rating Comments An application will be made to Moody's Investors <br /> Service for ratings on the Bonds. The City's current <br /> general obligation credit rating is "A1". <br /> <br />Page 2 <br />