Minutes - Council - 08/27/1979 - Laserfiche WebLink

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hereby accepted, such bid being to purchase such bonds at a price of $932,000 plus accrued interest to date of delivery, such bonds to bear interest as follows: 1982-1983 5.60 1988 5.90 1984-1985 5.70 1989 6.00 1986 5.75 1987 5.80 The sun of $18,000, being the amount bid in excess of $932,000, shall be credited to the bond sinking fund hereinafter created. The City Administrator is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds. The City Administrator is directed to return the checks of the unsuccessful bidders forthwith. 2. The City of Ramsey shall forthwith issue and sell its General Obligation Improvement Bonds of 1979 (the "Bonds"),in the principal amount of $950,000 dated September 1, 1979, the Bonds being 190 in number and numbered 1 to 190, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable March 1, 1980, and semiannually thereafter on March 1 and September 1 in each year, and which Bonds mature serially on March 1 in the years and amounts as follows: 1982 $100,000 1983-85, inclusive 110,000 1986 120,000 1987 & 1988 130,000 1989 140,000 3. Both principal and interest shall be payable at Bank of BancNorthwest and the City of Ramsey shall pay the reasonable charges of said bank for its services as paying agent. 4. The Bonds and the interest coupons to be thereto attached shall be in substantially the following form: No. $5,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF RAMSEY GENERAL OBLIGATION IMPROVEMENT BOND OF 1979 KNOW ALL MEN BY THESE PRESENTS that the City of Ramsey, Anoka County, Minnesota, acknowledges itself to be indebted 'and, option of prior payment, out of its General Obligation Improvement Bonds of 1979 Council/Page 6 August 27, 1979