Resolution - #82-100 - 07/12/1982

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After due consideration of the bids, Councilmember Cox introduced the following resolution and moved its adoption: RESOLUTION NO. 82-100 RESOLUTION AWARDING THE SALE OF $565,000 GENERAL OBLIGATION IMPROVEP~NT BONDS OF 1982; FIXING THEIR FORM AND SPECIFICATIONS'; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAIqiENT. BE IT RESOLVED By the City Council of the City of Ramsey, Minnesota, as follows: 1. The bid of Juran & Moody, Inc. (the "Purchaser") to purchase $565,000 General Obligation Improvement Bonds of 1982 (the "Bonds") of the City described in the notice of sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, such bid being to purchase the Bonds at a price of $557,030 plus accrued interest to date of delivery, the Bonds to bear interest as follows: Year of Maturity Interest Rate 1984-1989 11.00% 1990 11.25% 1991 11.50% 1992 11.75% The sum of $30, being the amount bid in excess of $557,000, shall be credited to the Sinking Fund hereinafter created. The City Clerk is directed to retain the good faith check of the Purchaser pending completion of the sale and delivery of the Bonds. The City Clerk 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 1982 in the total principal amount of $565,000, dated August 1, 1982, the Bonds being 113 in number and numbered 1 to 113, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable February 1, 1983, and semiannually thereafter on August 1 and February 1 in each year, and which Bonds mature serially without option of prior payment on February 1 in the years and amounts as follows: