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Resolution - #81-133 - 09/16/1981
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Resolution - #81-133 - 09/16/1981
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Resolutions & Ordinances
Resolutions or Ordinances
Resolutions
Resolution or Ordinance Number
#81-133
Document Date
09/16/1981
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After due consideration of the bids, Councilmember Van Wagner <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION #81-133 <br /> <br />RESOLUTION AWARDING T}~ SALE OF $815,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS OF 1981; <br /> FIXING THEIR FORM AND SPECIFICATIONS; <br /> DIRECTING THEIR EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR T}[EIR PAYMENT. <br /> <br /> BE IT RESOLVED By the City Council of the City of Ramsey, <br />Minnesota, as follows: <br /> <br />1. The bid of First National Bank of Minneapolis <br /> <br />to purchase $815,000 General Obligation Improvement Bonds of 1981, of <br />the City described in the notice of sale thereof is hereby found and <br />determined to be the highest and best bid received pursuant to duly <br />advertised notice of sale and shall be and is hereby accepted such <br />bid being to purchase such bonds at a price of $799,107.50 ' <br />plus accrued interest to date of delivery, such bonds to bear interest <br /> <br />as follows: <br /> <br /> 1983 10.O0% <br /> 1984 10.25% <br /> 1985 10.50% <br /> 1986 10.75% <br /> 1987 11.OO% <br /> 1988 11.20% <br /> 1989 11.40% <br /> 1990 11.60% <br /> 1991 11.75% <br /> 1992 11.90% <br />The sum of $ 57.50 , being the amount bid in excess of <br />$799,050, shall be credited to the bond sinking fund hereinafter <br />created. The City Administrator/Clerk-Treasurer is directed to retain <br />the good faith check of the successful bidder pending completion of <br />the sale and delivery of the bonds.. The City Administrator/Clerk- <br />Treasurer is directed to return the checks of the unsuccessful bidders <br />forthwith. <br /> <br /> 2. The City of Ramsey shall forthwith issue and sell its <br />General Obligation Improvement Bonds of 1981 (the "Bonds"), in the <br />principal amount of $815,000, dated October 1, 1981, the Bonds being <br />163 in number and numbered 1 to 163, both inclusive, in the denomina- <br />tion of $5,000 each, bearing interest as above set forth, all interest <br />payable October 1, 1982, and semiannually thereafter on April 1 and <br />October 1 in each year, and which Bonds mature serially on April 1 in <br />the years and amounts as follows: <br /> <br /> <br />
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