Resolution - #80-147d - 12/01/1980

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After due consideration of the bids, Councilmember Cox introduced the following resolution and moved its adoption: RESOLUTION #80-147d RESOLUTION AWARDING THE SALE OF $365,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980, SERIES Iii FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of Ramsey, Minnesota, as follows: 1. The bid of American National Bank and Trust Company to purchase $365,000 General Obligation Improvement Bonds of 1980, Series II, of 'the City described in the notice of sale thereof is hereby fotund and determined to be the highest and best bid received pursuant to duly ad- vertised notice of sale and shall be and is hereby accepted, such bid being to purchase such bonds at a price of $194,275.00 plus accrued interest to date of delivery, such bonds to bear interest as follows: 7.50% per annum for Bonds maturing in the years 1982 - 1983 8.05% per annum for Bonds maturing in the years 1984 - 1989 The sum of $ 0 , being the amount bid in excess of $360,775, shall be credited to the bond sinking fund hereinafter created. The City Clerk-Treasurer is directed to retain good faith check of the successful bidder pending completion of the sale and delivery of the bonds. The City Clerk-Treasurer is directed to return the checks of the unsuccessful bidders forthwith. 2. The City of Ramsey shall forthwith issue and sell its General Obligation Improvement Bonds of 1980, Series II (the "Bonds"), in the principal amount of $365,000, dated December 1, 1980, the Bonds being 73 in number and numbered 1 to 73, both inclusive, in the denom- ination of $5,000 each, bearing interest as above set forth, all interest payable December 1, 1981, and semiannually thereafter on June 1 and December 1 in each year, and which Bonds mature serially on December 1 in the years and amomats as follows: