Resolution - #84-173 - 08/28/1984

Home

OFFICIAL NOTICE OF SALE 2,045,000 General Obligation Improvement Bonds of 1984 Series II City of Ramsey Anoka County, Minnesota NOTICE IS HEREBY GIVEN that the City Council of the City of Ramsey, Minnesota, will receive and open bids at the City Hall in the City of Ramsey on Tuesday, September 25, 1984, at 2:00 o'clock p.m., C.D.T., and consider bids at 7:30 p.m. on the same date for the pur- chsse of $2,045,000 general obligation improvement bonds of the City on the following terms: Purpose and Security The purpose of the bonds is to provide funds for the finan- cing 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 issued in fully registered form, will be dated October 1, 1984, will be in integral multiples of $5,000 each and will mature on April 1 in the following years and amounts: Year Amount Year Amount 1987 $300,000 1992 $125,000 I988 300,000 1993 i10,000 1989 300,000 1994 110,000 1990 300,000 1995 100,000 1991 300,000 1996 100,000 Redemption Feature Ail bonds of this issue maturing after April 1, 1992 will be subject to prior redemption at the option of the City in inverse order of bond maturities on said date and any interest payment date thereafter at a price of par plus accrued interest to date of redemp- tion. Interest Interest on the bonds will be payable on October I, 1985, and semiannually thereafter on each April 1 and October 1. All 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 1/8th or 1/20th of 1%, and no rate of interest nor the net effective average rate of the issue may exceed the maximum rate of interest permitted by law on the day of sale.