92-055 RES - Laserfiche WebLink

Home Browse Search

. . . has an expected useful life of five years (lithe Five Year Equipment"); (v) The portion of the issuance costs of the Certificates allocable to the cost of the Five Year Equipment is $550.00. (vi) It is proposed that the maturity date of a portion of the Certificates aggregating $60,600 will be February 1, 1997, a date prior to the expiration of the expected useful life of the Five Year Equipment. 1.4) The City has received an offer to purchase the Certificates from the Bank of Elk River located in the City (the Offeror) at a price equal to the par value of the Certificates, One Hundred One Thousand Dollars ($101,000), and upon the further terms and conditions hereinafter set forth. 1.5) The sale of the Certificates is hereby awarded to the Offeror. Section 2. Certificate Terms, Execution and Delivery. 2.1) The Certificates shall be designated "1992 General Obligation Equipment Certificates," shall be dated as of July 1, 1992, and shall bear interest from the date on which funds are advanced until paid, calculated from time to time upon the amount of the unpaid principal balance, at a rate of five and one quarter percent (5.25%) per annum. Two Certificates shall be issued; one in the denomination of $40,400, providing for installments of principal becoming payable at the times and in the amounts stated below: DATE AMOUNT February 1, 1993 February 1, 1994 $20,200 $20,200 The second Certificate shall be issued in the denomination of $60,600 and provide for installments of principal becoming payable at the times and in the amounts stated below: DATE AMOUNT February 1, 1995 February 1, 1996 February 1, 1997 $20,200 $20,200 $20,200 Accrued interest on the Certificates shall be payable semi-annually on February 1 and August 1 in each year, commencing February 1, 1993. The principal of and interest on the Certificates shall be payable to the Offerer at its offices at Elk River, Minnesota, or, as may otherwise be directed by