Resolution - #89-11-321 - 11/28/1989

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Councilmembcr l',c[,uca introduced the following resolution and moved for its adoption: RESOLUTION #89-11-321 A RES()LOTION AWARDING THE SALE OF $235,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1989B; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT NOW Ti{IEIt:EFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY~ ANOKA COUNTY, STATE OF MINNESOTA, as follows: Scclion 1. ~Sale of Bonds. i.01. The bid of Norwest Investment Services. Inc. (Purchaser) to purchase $235,000 General Obligation Tax Increment Bonds, Series 1989B (Bonds) of the City described in the Official ]'erms of Offering thereof is found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and is hereby accepted, the bid being to purchase the tlonds at a price of $ 232,650 plus accrued interest to date of delivery, for Bonds bearing int¢~'es~ as lbllows: Year of Maturity Interest Rate 1991 5.80% 1992 5.90% 1993 6.00% 1994 6.05% 1995 6.10% 1996 6.15% 1997 6.20% 1998 6.25% 1999 6.30% Net cffectivc, ini:~.cst rate: 6.3559% !~02. The sum of $705.00 being the amount bid by the Purchaser in excess of $231,945 will b~ credited to the Debt Service Fund hereinafter created. The City Finance Officer is directed to r¢l. ain ihe good faith check of the Purchaser pending completion of the sale of the Bonds, and Io rc~.urt~ the good faith checks of the unsuccessful bidders forthwith. The Mayor and City Adminismm)r arc directed to execute a contract with the Purchaser on behaff of the City. ~.(/3. The City will forthwith issue and sell the Bonds in the total principal amount of $235,000, originally dated December 1, 1989, in the denomination of $5,000 each or any integral multipie thereof, numbered No. R-l, upward, bearing interest as above set forth, and which matm'e scriaily on February 1 in the years and amounts as follows: