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RECOMMENDATIONS <br /> <br />Re: <br /> <br />$2,655,000 General Obligation Sewer Revenue Bonds, Series 1996A <br />$500,000 General Obligation Improvement Bonds, Series 1996B <br /> <br />We recommend the following for the bonds: <br />1. Action Requested <br /> <br />2. Sale Date and Time <br /> <br />3. Authority for Each Bond Issue <br /> <br />4. Prepayment Provisions <br /> <br />5. Credit Rating Comments <br /> <br />6. Bank Qualification <br /> <br />To establish the date and time of receiving <br />bids and establish the terms and conditions <br />of the offering. <br /> <br />Monday, June 3, 1996 at 11:30 A.M. with <br />award by the City Council at 6:00 P.M. that <br />same day. <br /> <br />The bonds are being issued pursuant to <br />Minnesota Statutes, Chapter 475. <br />Additionally, the Series 1996A Bonds are <br />being issued under Minnesota Statutes, <br />Chapter 429 and the Series 1996B Bonds <br />are being issued under Minnesota Statutes, <br />Chapter 444. <br /> <br />The City may elect on February 1, 2006, and <br />on any day thereafter, to prepay the <br />Series 1996A Bonds due on or after <br />February 1, 2007 at a price of par plus <br />accrued interest. Due to the short maturity <br />schedule for the Series 1996B Bonds, the <br />Series 1996B Bonds will not be callable in <br />advance of their stated maturity dates. <br /> <br />The City is currently rate "Baal" by Moody's <br />Investors Service. These issues require a <br />rating application to assure continuation of <br />the rating. <br /> <br />The City does not expect to issue more than <br />$10,000,000 of tax-exempt obligations in <br />1996 and therefore these issues will be bank <br />qualified. This will mean lower interest rates <br />for the City than if the bonds were not bank <br />qualified. <br /> <br /> <br />