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OFFICIAL NOTICE OF SALE <br /> <br /> $705,000* GENERAL OBLIGATION <br /> REFUNDING IMPROVEMENT BONDS <br /> SERIES 1985 <br />CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA <br /> <br />NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above <br />bonds will be received until 11:00 A.M.C.T. on Wednesday, February 27, <br />1985 in the Office of the Clerk-Treasurer, City Hall, Ramsey, Minne- <br />sota, at which time the bids will be opened and tabulated for consider- <br />ation by the City Council at a meeting at 7:30 P.M. C.T. on the same <br />day. The bonds are offered on the following terms: <br /> <br />Purpose: Security: Form <br /> <br />The purpose of the bonds is to provide funds to refund in advance of <br />maturity the outstanding principal amount of the City's General Obliga- <br />tion Improvement Bonds of 1981, dated October I, 1981. The bonds will <br />be general obligations of the issuer, for which its full faith, credit <br />and taxing powers are pledged together with specia.1 assessments which <br />have been levied against benefitted properties. The bonds will be <br />issued in fully registered form. <br /> <br />Date and Maturities <br /> <br />The bonds will be dated March 1, 1985, will be in the denomination of <br />$5,000 each or any integral multiple thereof, and will mature on <br />April 1 in the following years and amounts: <br /> <br /> Year Amount Year Amount Year Amount <br /> <br />1986 $ 95,000 1989 $100,000 1991 $105,000 <br />1987 90,000 1990 105,000 1992 105,000 <br />1988 105,000 <br /> <br />Redemption Feature <br /> <br />Bonds maturing after April 1, 1991 will be subject to redemption and <br />prepayment at the option of the City in whole, or if in part in <br />inverse order of maturities and by lot within maturities, on said date <br />and any interest payment date thereafter, at par plus accrued <br />interest. <br /> <br />Interest <br /> <br />Interest on the bonds will be payable on October 1, 1985, and <br />semiannually thereafter on each April 1 and October 1. All bonds <br />maturing on the same date must bear interest from date of issue until <br />paid at a single, uniform rate, not exceeding the rate specified for <br />bonds of any subsequent maturity. Each rate must be in an integral <br />multiple of 1/100th or 1/8th of 1%, and no rate of interest nor the <br />net effective average rate of the issue may exceed the maximum rate of <br />interest permitted by law. <br /> <br />MN220.85a/20 <br /> <br />iv <br /> <br /> <br />