HomeMy WebLinkAbout[05] Monte Eastvold, bond SaleNORTHLANDSECURITIES
Honorable City Council
City of St. Joseph, Minnesota
Dear City Officials:
We understand that you desire to issue $290,000 General Obligation Certificates of Indebtedness. Accordingly, we
propose as follows:
We agree to purchase $290,000 General Obligation Certificates of Indebtedness, Series 2008A to be dated April 1,
2008, and to mature December 1, 2009-2013. We agree to pay for the Bonds $286,447.50 and accrued interest to the
date of settlement.
The Bonds are to be payable at Northland Trust Services, Inc., Minneapolis, Minnesota, as fiscal agent, paying agent
and registrar. Interest is to be payable on December 1, 2008, and semiannually thereafter. The Bonds will have the
following interest rates and will mature or be subject to mandatory redemption on December 1 in the years and
amounts as follows:
2009 $55,000 3.10
2010 55,000 3.10
2071 60,000 ~ 3.50
2012 60,000 3.50
2013 60,000 3.50
All Bonds will be Book Entiv and in multiples of $5,000. The average interest rate is 3.4115% and the TIC ~ is
3.7658%.
Mandator~Redemption: This issue shall have two term bonds maturing December 1, 2010 (2009 and 2010 maturities)
and December 1, 2013 (2011 through 2013 maturities) which will have mandatory redemptions equal to the annual
principal due. as stated above.
Optional Redemption: All bonds are without the option of prepayment.
This contract is made for prompt acceptance and subject to the approval of Briggs and Morgan, Professional
Association (Bond Counsel) of St. Paul, Minnesota, as to the legality and regularity of all proceedings taken in the
issuance of the Bonds.
The Issuer agrees to pay the expenses for registering the Bonds and the fee of Bond Counsel, recognized municipal
bond attorneys, in furnishing the necessary proceedings required to authorize the issuance of the Bonds.
Respectfully submitted this 6th day of March, 2008.
NORTHL E RI IES, INC.
By:
The foregoing proposal was duly accepted by the City Council of the City of St. Jose p.m. this
6th day of March, 2008.
By:
a or
Attest:
d 'nis for
Northland Securities, Inc. 45 South 7th Street, Suite 2500, Minneapolis, MN 55402 Toil tree 1-800-851-2920 Ntata 612-851-5900 Fax 612-851-5987
www.northlandsecurities.com
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EXTRACT OF MINUTES OF A MEETING
OF THE CITY COUNCIL
CITY OF ST. JOSEPH, MINNESOTA
HELD: March 6, 2008
Pursuant to due call and notice thereof, a regular or special meeting of the City Council
of the City of St. Joseph, Stearns County, Minnesota, was duly held at the City Hall on March 6,
2008, at P.M., for the purpose, in part, of authorizing the issuance and awarding t'ne sale of
$290,000 General Obligation Certificates of Indebtedness, Series 2008A.
The following members were present:
and the following were absent:
Member introduced the following resolution and moved its adoption:
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $290,000 GENERAL
OBLIGATION CERTIFICATES OF INDEBTEDNESS, SERIES 2008B AND LEVYING A
TAX FOR. THE PA~~'vIENT THEREOF
A. WHEREAS, the City Council of the City of St. Joseph, Minnesota (the "City"),
hereby determines and declares that it is necessary and expedient to issue $290,000 General
Obligation Certificates of Indebtedness, Series 2008A (the "Certificates"), pursuant to Minnesota
Statutes, Chapter 475 and Minnesota Statutes, Section 412.301, to finance the. purchase of items
of various equipment for the City (the "Equipment"); and
B. WHEREAS, each item of equipment to be fmanced by the Certificates has an
expected useful life at least as long as the term of the Certificates; and
C. WHEREAS, the principal amount of the Certificates to be issued does not exceed
one-quarter of one percent (0.25%) of the market value of the taxable property in the City
($273,311,300 times 0.25% is $683,278); and
D. WHEREAS, the Certificates are being sold pursuant to a private sale as permitted
by Minnesota Statutes, Sections 412.301 and 475.60, Subdivision 2(1); and
E. WHEREAS, it is in the best interests of he City that the Certificates be issued in
book-entry form as hereinafter provided; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Joseph,
Minnesota, as follows:
2143901vi