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Resolution - #79-54 - 08/27/1979
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Resolution - #79-54 - 08/27/1979
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Resolutions & Ordinances
Resolutions or Ordinances
Resolutions
Resolution or Ordinance Number
#79-54
Document Date
08/27/1979
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After due consideration of the bids, Councilmember <br /> <br /> Cox introduced the following resolUtion and moved <br /> <br />its adoption: <br /> <br />RESOLUTION AWARDING THE SALE OF $950,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS OF 1979; <br /> FIXING THEIR FORM AND SPECIFICATIONS; <br /> DIRECTING THEIR EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR THEIR PAYMENT. <br /> <br /> BE IT RESOLVED By the City Council of the City of <br />Ramsey, Minnesota, as follows: <br /> <br /> 1. The bid of BANCONORTHWEST Cronin &Marcotte, Inc., <br />to purchase $950,000 General Obligation Improvement Bonds of 1979, <br />of the City described in the notice of sale thereof is hereby <br />found and determined to be the highest and best bid received <br />pursuant to duly advertised notice of sale and shall be and is <br />hereby accepted, such bid being to purchase such bonds at a price <br />of $ 932,000 plus accrued interest to date of delivery, <br />such bonds to bear interest as follows: <br />1982-1983 5.60 1988 5.90 <br />1984-1985 5.70 1989 6.00 <br />1986 5.75 <br />1.987 5.80 <br />The sum of $ 18,000 , being the amount bid in excess of <br />$ 932L000 , shall be credited to the bond sinking fund hereinaftar <br />c~eated. The City Clerk-Treasurer is directed to retain the good <br />faith check of the successful bidder pending completion of the sale <br />and delivery of the bonds. The City Clerk-Treasurer is directed <br />to return the checks of the unsuccessful bidders forthwith. <br /> <br /> 2. The City of Ramsey shall forthwith issue and sell <br />its General Obligation Improvement Bonds of 1979 (the "Bonds"), <br />in the principal amount of $950,000 dated September 1, 1979, the <br />Bonds being 190 in number and numbered 1 to 190, both inclusive, <br />in the denomination of $5,000 each, bearing interest as above set <br />forth, all interest payable March 1, 1980, and semiannually there- <br />after on March 1 and September 1 in each year, and which Bonds <br /> <br /> <br />
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