01-067 RES - Laserfiche WebLink

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1. Recitals. It is hereby determined: (a) That the improvements (the "Improvements") to the City's municipal water system consisting of certain water tower, well (#7) and treatment facilities (#7) have been duly ordered by the City and have been constructed by the City or will be constructed under contracts which the City has or will let therefor, all pursuant to and in accordance with the applicable provisions of Minnesota Statutes, Section 444.075, the total costs thereof being estimated as follows: Project Costs Allowance for Discount Costs of Issue $3,504,900 55,000 30,100 $3,59O,OO0 (b) That is it necessary and expedient to the sound financial management of the affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, Chapter 475 and Section 444.075, to provide financing for the Improvements. (c) The Council desires that the Bonds be issued initially in "Book Entry Only Form" (as hereinafter described). 2. Acceptance of Offer; Book Entry Bonds. (a) The acceptance of the offer of U.S. Bancorp Piper Jaffray . (the "Purchaser") to purchase the City's $3,590,000 General Obligation Water Revenue Bonds, Series 200lA (the "Bonds"), at the rates of interest and upon the other terms set forth in this Resolution, and to pay therefor the sum of $3,538,088.60 plus interest accrued to settlement, is hereby ratified and confirmed. (b) Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York, or any of its successors to its functions hereunder (the "Depository"), will act as securities depository for the Bonds, and to this end: (i) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under paragraphs 6 and 11 of this Resolution, authorized denominations for each maturity of Bonds shall be deemed to be limited during the Book Entry Only Period to the outstanding principal amount of that maturity. While in such book entry form, the Bonds are sometimes hereinafter referred to as being in "Book Entry Only Form." (ii) Upon initial issuance, ownership of the Bonds shall be registered in a bond register maintained by the Bond Registrar appointed pursuant to paragraph 7 of this Resolution in the name of CEDE & CO., as the nominee (it or any nominee of the existing or a successor Depository, the "Nominee"). 1319814vl 2