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<br />registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), <br />New York, New York, which will act as securities depository of the Bonds. Individual <br />purchases of the Bonds may be made in the principal amount of $5,000 or any multiple thereof <br />of a single maturity through book entries made on the books and records of DTC and its <br />participants. Principal and interest are payable by the registrar to nTC or its nominee as <br />registered owner of the Bonds. Transfer of principal and interest payments to participants of <br />DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial <br />owners by participants will be the responsibility of such participants and other nominees of <br />beneficial owners. The purchaser, as a condition of delivery of the Bonds, will be required to <br />deposit the Bonds with DTC. <br /> <br />REGISTRAR <br /> <br />The City will name the registrar, which shall be subject to applicable SEC regulations. The City <br />will pay for the services of the registrar. <br /> <br />OPTIONAL REDEMPTION <br /> <br />The City may elect on February 1,2014, and on any day thereafter, to prepay Bonds due on or <br />after February 1,2015. Redemption may be in whole or in part and if in part at the option of the <br />City and in such manner as the City shall determine. If less than all Bonds of a maturity are <br />called for redemption, the City will notify DTC of the particular amount of such maturity to be <br />prepaid. DTC will determine by lot the amount of each participant's interest in such maturity to <br />be redeemed and each participant will then select by lot the beneficial ownership interests in <br />such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. <br /> <br />SECURITY AND PURPOSE <br /> <br />The Bonds will be general obligations of the City for which the City will pledge its full faith and <br />credit and power to levy direct general ad valorem taxes. In addition, the City will pledge <br />special assessments against benefited properties and net revenues of the City's Water Utility. <br />The proceeds will be used to (i) finance various improvement projects within the City, (ii) refund <br />the February 1, 2007 through February I, 2019 maturities of the City's General Obligation <br />Swimming Pool Bonds, Series 1998A, dated August I, 1998, (iii) refund the February 1, 2007 <br />through February 1, 2017 maturities of the City's General Obligation Water Revenue Bonds, <br />Series 1997B, dated August 1, 1997, and (iv) pay the costs of issuing the Bonds. <br /> <br />TYPE OF PROPOSALS <br /> <br />Proposals shall be for not less than $4,855,840 and accrued interest on the total principal amount <br />of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form <br />of a certified or cashier's check or a Financial Surety Bond in the amount of $48,950, payable to <br />the order of the City. If a check is used, it must accompany the proposal. If a Financial Surety <br />Bond is used, it must be from an insurance company licensed to issue such a bond in the State of <br />Minnesota, and preapproved by the City. Such bond must be submitted to Springsted <br />Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify <br />each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are <br />awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to <br /> <br />1819087vl <br /> <br />A-3 <br />