Resolution - #85-131 - 07/09/1985

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After due consideration of the bids, Councilmember Reimann introduced the following resolution and moved its adoption: RESOLUTION NO. 85-131 RESOLUTION AWARDING THE SALE OF $660,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1985; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of Ramsey, Minnesota, (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of Cronin & Marcotte and Others (Purchaser) to purchase $660,000 General Obligation Improvement Bonds of 1985, (Bonds) of the City described in the Official Terms of Offering 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, the bid being to purchase the Bonds at a price of $652,080 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1987 5.75% 1992 7.50% 1988 6.25 1993 7.75 1989 6.50 1994 8.00 1990 6.75 1995 8.20 1991 7.00 1996 8.40 Net effective interest rate: 7.14750% The City Administrator-Clerk is directed to deposit the good faith check of the Purchaser on behalf of the City pending completion of the sale and delivery of the Bonds, and to return the checks of the unsuccessful bidders forthwith. The sum of $2,080 being the amount offered by the Purchaser in excess of $650,000 shall be credited to the Debt Service Fund created by Section 6. 1.02. The City shall forthwith issue and sell the Bonds in the total principal amount of $660,000, originally dated as of August 1, 1985, the Bonds being in fully registered form and issued in the denomination of $5,000 or any integral multiple thereof, numbered no. 1 upward, bearing interest as above set forth, and which Bonds mature serially on February 1 in the years and amounts as follows: