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I <br />I <br />I <br />! <br />I <br />I <br />I <br />I <br />I <br /> <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />~ro3ect Designation & Description <br /> <br />Costs <br /> <br />That it is necessary and expedient to the sound financial <br />management of the affairs of the City to issue $190,000 <br />General Obligation Improvement Bonds of 1984, (Bonds) to <br />provide financing for the Improvements. <br /> <br /> 2. The City shall therefore issue and sell the Bonds in the amount <br />of $167,000. In order to provide in part the additional interest required <br />to market the Bonds at this time, additional bonds shall be issued in the <br />amount of $3,000. Any excess of the purchase price over the sum of <br />$167,000 shall be credited to the Debt Service Fund hereinafter created for <br />the purpose of paying interest first coming due on the Bonds. <br /> <br /> 3. The City is authorized by the provisions of Minnesota Statutes, <br />Section 475.60, Subdivision 2 (1), to negotiate the sale of the Bonds, <br />there having been no negotiated sale of the City's bonds within the past 90 <br />days. <br /> <br /> 4. The bid of (Purchaser), to <br />purchase the Bonds is hereby found and determined to be a reasonable offer <br />and shall be and is hereby accepted, such bid being to purchase the Bonds <br />at a price of $ plus accrued interest to date of delivery, for <br />Bonds bearing interest at the following rates of interest: <br /> <br />Year of Maturity <br /> <br />Interest Rate Per Annum <br /> <br />The Mayor and City Administrator are directed to enter into a purchase <br />contract for the Bonds with the Purchaser. <br /> <br /> 5. The City shall forthwith issue and sell the Bonds in the prin- <br />cipal amount of $170,000 originally dated July 1, 1984, the Bonds being <br />numbered 1 upward, in the denomination of $5,000 each or any integral <br />multiple thereof, bearing interest as above set forth, and which Bonds <br /> <br /> <br />