01-22-1990 Council Packet - Laserfiche WebLink

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EXHIBIT B OFFICIAL TERMS OF OFFERING $1,660,000 INDEPENDENT SCHOOL DISTRICT 278 ORONO, MINNESOTA GENERAL OBLIGATION TAX ANTICIPATION CERTIFICATES OF INDEBTEDNESS, SERIES 1990A Sealed bids for the Certificates will be received by the District on Monday. January 22.1990. until 1:00 P.M.. Central Time, at the offices of SPRINGSTED Incorporated. 85 East Seventh Place. Suite 100. Saint Paul. Minnesota, after which time they will be opened and tabulated. Consideration for award of the Certificates will be by the School Board at 7:00 P.M.. Central Time, of the same day. DETAILS OF THE CERTIFICATES The Certificates will be dated February 12. 1990, as the date of original issue, and will bear interest payable at maturity on March 12, 1991. Interest will be computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the MSRB. The Certificates will be issued in the denomination of $5,000 each, or in integral multiples thereof, as requested by the purchaser, and fully registered as to principal and interest. Principal will be payable at the main corporate office of the registrar and interest on each Certificate will be payable by check or draft of the registrar mailed to the registered holder thereof at the holder's address as it appears on the books of the registrar as of the close of business on the 25th day of February, 1991. The Certificates will mature March 12,1991. OPTIONAL REDEMPTION The Certificates will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The Certificates will be general obligations of the District for which the District will pledge its full faith and credit and power to levy direct general ad valorem taxes. The proceeds will be used for the same purpose for which taxes payable in 1990 were levied. TYPE OF BID Bids shall be for not less than $1.655,020 and accrued interest on the total principal amount of the Certificates, and shail be accompanied by a certified or cashier ’s check in the amount of $16,600, payable to the order of the District. No bid will be considered for which said check has not been received. The District will deposit the check of the purchaser, the amount of which wiil be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, said amount will be retained by the District. No bid can be withdrawn after the time set for receiving bids unless the meeting of the District scheduled for award of the bids is adjourned, recessed, or continued to another date without award cf the Certificates having been made. Bidders shall specify a single rate of interest. Certificates cf the same maturity shall bear a single rate from the date of the Certificates to the date of maturity. No conditional bid will be accepted