Resolution - #81-117 - 08/25/1981

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OFFICIAL NOTICE OF SALE $815,000 General Obligation Improvement Bonds of 1981 City of Ramsey , Anoka County, Minnesota NOTICE IS HEREBY GIVEN that the City Council of the City of Ramsey, Minnesota, will meet at the City Hall in the City of Ramsey on Wednesday, September 16, 1981, at 5:00 o'clock p.m., C.T., to receive, open and consider bids for the purchase of $815,000 negotiable coupon, general obligation bonds of the City on the following terms: Purpose and Security The purpose of the bonds is to provide funds for the financing of various assessable public improvements in the City. The bonds will be general obligations of the issuer, for which its full faith, credit and taxing powers are pledged. Date and Maturities The bonds will be dated October 1, 1981, 'will be in denomination of $5,000 each and will mature on April 1 in the following years and amounts: Year Amount Year Amount 1983 $50,000 1988 $ 90,000 1984 65,000 1989 90,000 1985 65,000 1990 100,000 1986 75,000 1991 100,000 1987 75,000 1992 105,000 Redemption Feature Ail bonds of this issue maturing after April 1, 1988, will be subject to prior redemption at the option of the City in inverse order of serial numbers on said date and any interest payment date thereafter at a price of par plus accrued interest to date of redemption. Interest Interest on the bonds will be payable on October 1, 1982, and semiannually thereafter on each April 1 and October 1. Ail bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for bonds of any subsequent maturity. Each rate must be in an integral multiple of 5/100 or 1/8 of 1%, and no rate of interest nor the net effective average rate of the issue may exceed 12% per annum.