Resolution - #85-116 - 06/25/1985

Home

OFFICIAL NOTICE OF SALE $670,000 General Obligation Improvement Bonds of 1985 City of Ramsey Anoka County, Minnesota NOTICE IS HEREBY GIVEN that the City Council of the City of Ramsey, Minnesota, will receive and open sealed bids for the purchase of $670,000 general obligation improvement bonds of the City until 11:00 a.m. on Tuesday, July 9, 1985 in the office of the City Administrator at which time the bids will be opened and tabulated for presentation to the City Council at a regular meeting at 7:30 p.m. on the same day. 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 August 1, 1985, will be in integral multiples of $5,000 each and will mature on February 1 in the following years and amounts: Year Amount Year Amount 1987 $130,000 1992 $10,000 1988 135,000 1993 10,000 1989 145,000 1994 10,000 1990 100,000 1995 15,000 1991 100,000 1996 15,000 Redemption The City may elect on February 1, 1992, to prepay Bonds due on and after February 1, 1993. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity date will be prepaid first. If only part of the Bonds having a common maturity date are called for prepayment the specific Bonds to be prepaid will be c~osen by lot by the Registrar. Interest Interest on the bonds will be payable on August 1, 1986, and semiannually thereafter on each February 1 and August 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