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After due consideration of the bids, Councilmember Sorteberg <br />introduced the following resolution and moved its adoption: <br /> <br /> RESOLUTION 80-74a <br />RESOLUTION AWARDING THE SALE OF $875,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980; <br /> FIXING THEIR FORM AND SPECIFICATIONS; <br /> DIRECTING TKEIR EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR THEIR PAYMENT. <br /> <br /> BE IT RESOLVED By the City Council of the City of Ramsey, Minne- <br />sota, as follows: <br /> <br />1. The bid of Banco Northwest <br /> <br />to purchase $875,000 General Obligation Improvement Bonds of 1980, of the <br />City described in the notice of sale thereof is hereby found and determined <br />to be the highest and best bid received pursuant to duly advertised notice <br />of sale and shall be and is hereby accepted, such bid being to purchase <br />such bonds at a price of $ 860~002.50 plus accrued interest <br />to date of delivery, such bonds to bear interest as follows: <br />6.00% per annum for bonds maturing in the years 1981 <br />6.10% per annum for bonds maturing in the years 1982 <br />6.25% per annum for bonds maturing in the years 1983 <br />6.40% per annum for bonds maturing in the years 1984 <br />6.50% per annum for bonds maturing in the years 1985 <br />6.65% per annum for bonds maturing in the years 1986 <br />6.80% per annum for bonds maturing in the years 1987 <br />7.00% per annum for bonds maturing in the years 1988 <br />7.10% per annum for bonds mat.~ring in the years 1989 <br />7.25% per annum for bonds mat,Bring in the years 1990 <br />The sum of $ 2.50 , being the amount bid in excess of $860,000, <br />shall be credited to the bond sinking fund hereinafter created. The City <br />Clerk-Treasurer is directed to retain the good faith check of the success- <br />ful bidder pending completion of the sale and delivery of the bonds. The <br />City Clerk-Treasurer is directed to return the checks of the unsuccessful <br />bidders forthwith. <br /> <br /> 2. The City of Ramsey shall forthwith issue and sell its Gen- <br />eral Ob]_igation Improvement Bonds of 1980 (the "Bonds"), in the principal <br />amount of $875,000, dated September 1, 1980, the Bonds being 175 in number <br />and numbered 1 to 175, both inclusive, in the denomination of $5,000 each, <br />bearing interest as above set forth, all interest payable September ~, <br />198], and semiannually thereafter on March 1 and September 1 in each year, <br />and which Bonds mature serially on September 1 in the years and amounts as <br />follows: <br /> <br />YEAR AMOUNT YEAR AMOUNT <br />1981 $55,000 1986 $ 95,000 <br />1982 65,000 1987 100,000 <br />1983 70,000 1988 105,000 <br />1984 75,000 1989 115,000 <br />1985 80,000 1990 115,000 <br /> <br /> <br />