Resolution - #80-123 - 11/17/1980

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at least 20% of the costs of such projects have either been assessed or will be assessed against benefited properties, the number of each improvement and the estimated total cost of each improvement being as follows: Improvement Number 80-15 plus engineering and administrative 80-16 plus engineering and administrative Capitalized interest Estimated Project Cost $ 201,500 110,000 49,275 TOTAL $ 360,775 and WHEREAS, it is necessary that the City borrow the sum of $360,775 to finance construction of the aforesaid improvements by the issuance of General Obligation Improvement Bonds as authorized by Chapter 429 and 475 of the Minnesota Statutes, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: 1. It is hereby determined that it is necessary to sell bonds to provide funds for the purpose of financing the aforedescribed public improvements and that the sum of $360,775 is necessary to defray the expenses of said projects. 2. It is further determined that the amount of $360,775 should be supplemented by the issuance of additional bonds as authorized by Minnesota Statutes, Section 475.56 and that the City shall sell and issue $365,000 of General Obligation Improvement Bonds of 1980, Series II, with $4,225 of said bonds being considered as additional interest. The sale resolution selling these bonds shall contain a statement indicating the sum considered necessary to finance public improvements, and further indicating that the City is selling additional bonds to represent the higher rate of interest as authorized by Minnesota Statutes and that such additional bonds in the aforementioned amount do not exceed 2% of the amount otherwise authorized. Bids submitted to purchase bonds in the amount of $365,000 shall be at a price not less than $360,775 and that all amounts received by the Treasurer in excess of said sum shall be credited to a sinking fund for the payment of interest on these obligations.