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Councilmcml)c~' l)eLt~ca intr~tuced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #89-11-322 <br /> <br />A RESOLIIT!~C*N AWARDING THE SALE OF $235,000 TAXABLE GENERAL <br />()BLI(;ATION TAX INCREMENT BONDS, SERIES 1989C; FIXING THEIR <br />FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND <br />DEI,IVERY; AND PROVIDING FOR THEIR PAYMENT <br /> <br />NOW TIIEREI~'ORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF RAMSEY, COUNTY OF ANOKA, STATE OF MINNESOTA, as follows: <br /> <br />Secli(m 1. Sale of Bonds. <br /> <br /> 1.01. Thc bid of Allison-.Williams Company (Purchaser) to purchase $235,000 Taxable <br />General Ob!ig~tirm Tax Increment Bonds, Series 1989C (Bonds) of the City described in the <br />Official Terms of Offering thereof is found and determined to be the highest and best bid received <br />pursuant t~) ,4~iy a~vertised notice of sale and is accepted, the bid being to purchase the Bonds at a <br />price of $233, ~ 20 i~1 us accrued interest to date of delivery, for Bonds bearing interest as follows: <br /> <br />Year of Maturity <br /> <br />Interest Rate <br /> <br />1991 8.20% <br />1992 8.2O% <br />1993 8.20% <br />'[994 8.25% <br />1995 .8.25% <br />1996 8.30% <br />1997 8.30% <br />1998 8.35% <br />1999 8.35% <br /> <br />Net effective i t/tcrc:-;t rate: 8.442395% <br /> <br /> 1.82~ Tl~e sum of $1, t~75 being the amount bid by the Purchaser in excess of $231,945 <br />will be credited ~ i he Debt Service Fund hereinafter created. The City Finance Officer is dkected <br />to retain the g~ ~tx~ faith check of the Purchaser pending completion of the sale of the Bonds, and to <br />return the goo~l faith checks of the unsuccessful bidders forthwith. The Mayor and City <br />Administrator ~ re tlirectcd to execute a contract with the Purchaser on behalf of the City. <br /> <br /> 1.03. Thc City will forthwith issue and sell the Bonds in the total principal amount of <br />$235,000, origimflly dated December 1, 1989, in the denomination of $5,000 each or any integral <br />multiple thcrc~ff, numbered No. R-l, upward, beating interest as above set forth, and which mature <br />serially on Fcbrtm~'y l in the years and amounts as follows: <br /> <br />Ycar Amount <br /> <br />1991 $15,000 <br />1992 20,000 <br />1993 20,000 <br />1994 25,000 <br />1995 25,000 <br />1996 30,000 <br />1997 30,000 <br /> <br /> <br />