Resolution - #83-131 - 08/15/1983

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Project Designation & Description Costs Street Improvement Projects Nos. 83-01, 83-04, 83-05, 83-06, 83-07, 83-12 and 83-14 Construction, Engineering, Fiscal, Legal and Administration $156,368 Capitalized Interest 10~300 TOTAL $166,668 (b) That it is necessary and expedient to the sound financial management of the affairs of the City to issue $170,000 General Obligation Improvement Bonds of 1983, (Bonds) to provide financing for the Improvements. 2. The City shall therefore issue and sell the Bonds in the amount of $166,668. In order to provide in part the additional interest required to market the Bonds at this time, additional bonds shall be issued in the amount of $3,332. Any excess of the purchase price over the sum of $73,530 shall be credited to the Debt Service Fund hereinafter created for the purpose of paying interest first coming due on the Bonds. 3. The City is authorized by the provisions of Minnesota Statutes, Section 475.60, Subdivision 2 (1), to negotiate the sale of the Bonds, there having been no negotiated sale of the City's bonds within the past 90 days. 4. The bid Juran & Moody, Inc. (Purchaser), to purchase the Bonds is hereby found and determined to be a reasonable offer and shall be and is hereby accepted, such bid being to purchase the Bonds at a price of $166,668 plus accrued interest to date of delivery, for Bonds bearing interest at thd following rates of interest: Year of Maturity Interest Rate Per Annum 1984 7.75% 1985 7.75 1986 7.75 1987 8.50 1988 8.50 1989 8.50 1990 8.75 1991 8.75 1992 8.75 1993 8.75 The Mayor and City Administrator are directed to enter into a purchase contract for the Bonds with the Purchaser.