96-045 RES - Laserfiche WebLink

Home Browse Search

2. Acceptance of Offer. The First National Bank of Elk River, the Bank of Elk River, and the State Bank of Rogers (collectively, the "Purcha~r~")~'~~ offered to purchase the Bonds at par, the Bonds to be subject to the terms and conditions herein provided. The Bonds shall consist of three separate Bond certificates, two in the aggregate principal amount of $900,000 each purchased by the Bank of Elk River and the First National Bank of Elk River, respectively, and one in the aggregate principal amount of $300,000 purchased by the State Bank of Rogers. Each of the Purchasers has submitted to the Council for its consideration a separate Bond Purchase Agreement respecting the Bond to be purchased by it, and the Council hereby approves said Agreements and authorizes and approves the City's execution and delivery thereof at such time and with such amendments thereto as the City officials executin~ the same may deem desirable, as evidenced by their execution and delivery thereof. 3. Title; Oriqinal Issue Date: Denominations~. Maturities. The Bonds shall be titled "General Obligation Ice Arena Bonds, Series 1996C," shall be dated July 16, 1996, or as soon thereafter as simultaneous settlement of all of the Bonds can be arranged with the Purchasers. The Bonds shall be fully registered and numbered R-I, R-2 and R-3 in the denominations of $900,000, $900,000 and $300,000, respectively. Each of the $900,000 Bonds shall be repayable as to principal in installments due on December 1 in the years and amounts, respectively, as follows: Year Amount 1997 $ 15,000 1998 35,000 1999 40,000 2000 40,000 2001 40,000 2002 A5,000 2003 45,000 2004 50,000 2005 50,000 2006 55,000 2007 60,000 2008 60,000 2009 65,000 2010 70,000 2011 75,000 2012 75~000 2013 80~000 $900,000 The $300,000 Bond shall be repayable as no principal in installments due on December 1 in the years and amounts, respectively, as follows: 324502.1 3