87-069 RES - Laserfiche WebLink

Home Browse Search

. excluding money and credits; the assessed valuation being Forty-seven Million Eight Hundred Ninety-two Thousand Dollars ($47,892,000); therefore publication of a notice of the sale is not required. 2.3) The City has received an offer to purchase the Bonds from the Bank of Elk River located in the City at a price equal to the par value of the Bonds (One Hundred Forty Thousand Dollars ($140,000)) and upon the further terms and conditions hereinafter set forth. 2.4) The sale of the Bonds lS hereby awarded to the Bank of Elk River. Section 3. Bond Terms, Execution and Delivery. 3.1) The Bonds shall be designated General Obligation Tax Increment (Taxable) Bonds, Series 1987A, shall be dated as of December 1, 1987, 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 ten and three-fourths percent (10 3/4%) per annum. A single Bond shall be issued in the denomination of One Hundred Forty Thousand Dollars ($140,000) providing for installments of principal becoming payable annually on August 1 in each year, commencing August 1, 1988, such installments to be paid at the times, and in the amounts stated below: . Date Amount August 1, 1988 $28,000 August 1, 1989 $28,000 August 1, 1990 $28,000 August 1, 1991 $28,000 August 1, 1992 $28,000 Accrued interest on the Bond shall be payable semi-annually on February 1 and August 1 in each year, commencing February 1, 1988. The principal of and interest on the Bond shall be payable to the Bank of Elk River, or, as may otherwise be directed by written instruction from time to time provided by the offeror or other holder of the Bonds. 3.2) The Bonds and the principal installments due hereunder are subject to redemption and prepayment at the option of the City, in whole or in part, and if in part in inverse order of due dates, at a price equal to the principal amount thereof plus interest accrued to the date of redemption or prepayment. Thirty (3D) days prior to the date cho~en for redemption or prepayment, the City shall notify the Holder of the Bond of such redemption or prepayment. . 3.3) The Bond shall be In substantially the form attached hereto as Exhibit B. 2 .