|
Councilrr~c'n ~hcr i'clerson introduced the following resolution and moved for its adoption:
<br />
<br />RESOLUTION #89-11-294
<br />
<br />Rl,;S()l,/J'l'~¢~i% PI{()VIDING FOR THE ISSUANCE AND SALE OF $530,000
<br />(;ENERAI~ OI~I:I(;ATION IMPROVEMENT BONDS, SERIES 1989A
<br />
<br />NOW TIII~;RI*;I,'{)RE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
<br />OF RAMSI,;Y., A.N¢)KA COUNTY, STATE OF MINNESOTA, as follows:
<br />
<br />'l l~;tt it is hereby determined:
<br />
<br />That thc following assessable public improvements (the Improvements)
<br />have been made, duly ordered or contracts let for the construction thereof,
<br />by thc City pursuant to the provisions of Minnesota Statutes, Chapter 429
<br />(Ac:t):
<br />
<br />.['reject I)esignafion and Description:
<br />
<br />l'rojects #87-18, #88-9, #89-2, #8%10,
<br /> #89-14 and #89-16
<br />
<br />Total Project Cost
<br />
<br />Construction $ 507,312
<br />Capitalized Interest 19,000
<br /> Subtotal $ 526,312
<br />Discount 6,890
<br />h~vcstment Earnings (3,202).
<br />
<br />TOTAL $ 530,000
<br />
<br />That it is necessary and expedient to the sound financial management of the
<br />aft'airs of the City to issue $530,000 General Obligation Improvement
<br />l/ends, Series 1989A (Bonds) pursuant to the Act to provide financing for
<br />thc [ml~rovements.
<br />
<br /> 2) '!'h~t in order to provide financing for the Improvements, the City will issue and sell
<br />Berets itl tilt: z}~)t~t ~,£ $523,110. To provide in part the additional interest required to market the
<br />Bomls at lhi¢ li~t:, additional Bonds will be isstted in the amount of $6,890. The excess of the
<br />l)urchasc prJ(:(: t~l Iht: }3(rods over the sum of $523,110 will be credited to the debt service fund for
<br />thc Bonds l'~,' th_<: i>t~q>osc of paying interest first coming due on the additional Bonds. The Bonds
<br />will bc iss~c.¢t. >.~>hl a~lct delivered in accordance with the terms of the following Official Terms of
<br />Ot'l'crin g:
<br />
<br /> OFFICIAL TERMS OF OFFERING
<br /> $530,000
<br />CITY OF RAMSEY, MINNESOTA
<br />()BI,IGATION IMPROVEMENT BONDS~
<br />
<br />SERIES 1989A
<br />
<br />Se:~lc(I hi&; I', >,: ibc }:;omls will be received by the City or its designee on Tuesday, November 28,
<br />1989, unlil i:()0 i,.~r,., (;entral Time, at the offices of Springsted Incorporated, 85 East Seventh
<br />Phtcc, Suite: l()l). ;4~tint Paul, Minnesota after which time they will be opened and tabulated.
<br />Considoratirm I'(,~ ~:ward of the Bonds will be by the City Council at 7:30 p.m., Central Time, of
<br />thc .,;amc they.
<br />
<br />
<br />
|