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I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br />I0 <br />I <br /> I <br /> I <br /> I <br />I <br />I <br />I <br /> <br /> Aftai <br />introduced <br /> <br />du~e consideration of the proposals, Member Peterson then <br />:.th~ following written resolution and moved its adoption the reading of <br /> <br />which had ~ee~1 <br /> <br />dispensed with by unanimous consent: <br /> <br /> RESOLUTION NO. 93-10-242 <br /> <br /> A~tE$OLUTION AWARDING THE SALE OF $2,225,000 GENERAL <br /> OBL~GA~rION TAX INCREMENT REFUNDING BONDS, SERIES 1993A; <br /> ~ , FIXING THEIR FORM AND SPECIFICATIONS; <br /> ,~ DIRECTING THEIR EXECUTION AND DELIVERY; <br /> ~PI~OVIDING FOR THEIR PAYMENT; PROVIDING FOR THE <br /> ESCROWING AND INVESTMENT OF THE PROCEEDS THEREOF; <br /> f AND PROVIDING FOR THE REDEMPTION OF <br /> f BONDS REFUNDED THEREBY. <br /> <br /> BE I~ RESOLVED By the City Council of the City of Ramsey, Anoka County, <br />Minnesota ([Cit~) as follows: <br /> SectiOn 1. Sale of Bonds. <br /> 1.01 .! T ~heproposalof Harris Trust and $~vings B~nk (Purchaser) <br />to purcha~ $2~,225,000 General Obligation Tax Incitement Refunding Bonds, <br />Series 199,~% ~Bonds) of the City described in the Terms of Proposal thereof is <br />determined~to ]~e a reasonable offer and is accepted, the proposal being to purchase <br />the Bonds'i~t aJprice of $2,203,277.87 plus accrued interest to date of delivery, for <br />Bonds bea~ngiinterest as follows: <br /> <br />Year Ot~ <br />Maturit~ <br /> <br /> 1997 ~ <br /> 19¢8t <br /> <br /> 2000[ <br /> 2001 <br /> <br />Interest Year of Interest <br />Rate Maturity Rate <br /> <br />3.10 % 2002 4.10 % <br />3.30 2003 4.10 <br />3.50 2004 4.20 <br />3.65 2005 4.30 <br />4.00 2006 4.45 <br /> 2007 4.60 <br /> <br />Net effective interest rate: 4.2697. <br /> 1.02J~ The sum of $2,752.87 <br />in excess~f ~ <br />created, O~.d~ <br />The City <br />pending c0~pl! <br />the unsuc~ess <br />directed tbiex, <br /> <br /> being the amount proposed by the Purchaser <br /> 2,200~525.00. is credited to the Escrow Account hereinafter <br />;ignated to pay costs of issuance of the Bonds, as the case may be. <br />istrator is directed to retain the good faith check of the Purchaser, <br />:tion of the sale of the Bonds, and to return the good faith checks of <br />~ul proposers forthwith. The Mayor and City Administrator are <br />~cute a contract with the Purchaser on behalf of the City. <br /> <br /> 1.05~, The City will forthwith issue and sell the Bonds in the total principal <br />amount of $~2,225,000 , originally dated November 1, 1993, in the denomination <br />of $5,000 e~eh br any integral multiple thereof, numbered No. R-1, upward, bearing <br /> <br />-~N~5954~0 <br />RA~.25-35 <br /> <br /> <br />