Agenda - Council - 02/12/1985 - Laserfiche WebLink

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I I I I i I I I I I I I I I I I I as to rate or a~ount, and that the interest on the Bonds is exempt from Federal income taxation. Type of Bid - Amount $ealed bids ~ust be mailed or delivered to the undersigned and must be received prior to the time specified above. Each bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $14,100, payable to the City Clerk-Treasurer, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The good faith check of the purchaser will be deposited by the City and deducted from the purchase price of the bonds at delivery. The bid authorizing the lowest net interest cost (total interest from date of bonds to stated maturities, less any cash premium or plus any amount less than $694,000 bid for principal) will be deemed the most favorable. The City specifically reserves the right to increase or decrease the aggregate principal amount of the bonds and to adjust the minimum purchase price proportionately, but such increase or decrease will exceed neither $20,000 in total amount nor $5,000 of any annual maturity. The prospective purchaser submitting the most favorable bid will be notified of such modification in principal amount, if any, no later than 7:30 o'clock p.m.C.T, on the day of sale. No oral bid and no bid of less than $694,000 for principal plus accrued interest on all of the bonds will be considered. The City reserves the right to reject any and all bids and to waive any informality in any bid. BY ORDER OF THE CITY COUNCIL Dated: February 12, 1985 /s/ Lloyd G. $chnelle City Clerk-Treasurer Ramsey, Minnesota