CITY of MINNEAPOLIS, MINNESOTA $12,975,000* General Obligation Parking Assessment Refunding Bonds, Series 2020
PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 9, 2020 REFUNDING ISSUE $12,975,000* RATINGS: NOT BANK-QUALIFIED Fitch Ratings: AA+ Requested from S&P Global Ratings See “RATINGS” herein. In the opinion of Kennedy & Graven, Chartered, Bond Counsel, based on present federal and Minnesota laws, regulations, rulings and decisions (which excludes any pending legislation which may have a retroactive effect), and assuming compliance with certain pletion or amendment. Under no covenants set forth in the resolutions approving the issuance of the Bonds, interest on the Bonds is not includable in gross income for federal income tax purposes and, to the same extent, is not includable in the taxable net income of individuals, estates, and n in which such offer, solicitation or sale trusts for Minnesota income purposes, and is not a preference item for purposes of computing the federal alternative minimum tax or the Minnesota alternative minimum tax imposed on individuals, estates, and trusts. Such interest is subject to Minnesota franchise taxes on corporations (including financial institutions) measured by income. No opinion will be expressed by Bond Counsel regarding other state or federal tax consequences caused by the receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds. See “TAX EXEMPTION” herein. information is subject to com CITY OF MINNEAPOLIS, MINNESOTA $12,975,000* General Obligation Parking Assessment Refunding Bonds, Series 2020 Proposal Opening: September 17, 2020 until 10:00 a.m. Central Time ver, the pricing and underwriting Consideration of Award: Subsequent to Proposal Opening. See “OFFICIAL TERMS OF PROPOSAL” herein. shall there be any sale of these securities in any jurisdictio Dated Date of Bonds: Date of Delivery Interest Payment Dates: Each June 1 and December 1, commencing June 1, 2021 The General Obligation Parking Assessment Refunding Bonds, Series 2020 (the “Bonds”), of the City of Minneapolis (the “City”) will mature as shown on the inside front cover of this Official Statement.
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