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91-064
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91-064
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8/4/2005 3:54:04 PM
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<br /> Less: Less: Less: Net Costs <br /> proj ec t MSA County Prepayments to be <br />Project Costs Funds Funds of Assessments Financed <br /> - <br />89-07 - Long Lake 417,874 (65,872) 352,002 <br />Area Streets <br />89-13 - 5th Avenue 102,500 (89,000) 13,500 <br />Reconstruction <br />90-04 - Sunnyside 1,078,300 (6,500) 1 ,071 ,800 <br />Streets <br />91-02 - Creekwood 106,600 106,600 <br />Subdivision <br />91-07 - Wexford 706,000 706,000 <br />Heights (Phase I) <br />91-09 - Innsbruck 327,900 327,900 <br />5th Addition <br />(Phase I) <br />Subtotal 2,739,174 (89,000) (6,500) (65,872) 2,577 ,802 <br />Plus: Allowance for <br /> Discount 28,655 <br />Less: Investment Earnings (1,457) <br />Total Bond Issue: $2,605,000 <br /> <br />(b) it is necessary and expedient to the sound financial <br />management of the affairs of the City to issue <br />$2,605,000 General Obligation Improvement Bonds, <br />Series 1991A (Bonds) pursuant to the Act to provide <br />financing for the Improvements. <br /> <br />2. To provide financing for the Improvements, the City will <br />issue and sell Bonds in the amount of $2,576,345. To provide in part <br />the additional interest required to market the Bonds at this time, <br />additional Bonds will be issued in the amount of $28,655. The excess <br />of the purchase price of the Bonds over the sum of $2,576,345 will be <br />credited to the debt service fund for the Bonds for the purpose of <br />paying interest first coming due on the additional Bonds. The Bonds <br />will be issued, sold and delivered in accordance with the terms of the <br />following Official Terms of Offering: <br />
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