Resolution - #82-094 - 06/22/1982

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OFFICIAL NOTICE OF SALE $565,000 General Obligation Improvement Bonds of 1982 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 Monday, July 12, 1982, at 5:00 o'clock p.m., C.T., to receive, open and consider bids for the purchase of $565,000 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 August 1, 1982, will be in denomination of $5,000 each and will mature without option of prior payment on February 1 in the following years and amounts: Year Amount Year Amount 1984 $40,000 1989 $65,000 1985 45,000 1990 70,000 1986 50,000 1991 75,000 1987 55,000 1992 80,000 1988 60,000 Interest Interest on the bonds will be payable on February 1, 1983, and semiannually thereafter on each August 1 and February 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 of 1%, and no rate of interest nor the net effective average rate of the issue may exceed the maximum rate permitted by law on the day of sale. Paying Agent Principal and interest will be made payable at any suitable bank recommended by the purchaser and approved by the Council, and the City will pay the customary charges for this service provided that such recommenda- tion is received within 48 hours after the sale and the Council will select the paying agent if the recommendation is not approved.