Resolution - #92-01-005 - 01/14/1992

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After due consideration of the proposals, Member Beyer then introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 92-01-005 A RESOLUTION AWARDING THE SALE OF $1,525,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1992A; 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, Anoka County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The proposal of (Purchaser) to purchase $1,525,000 General Obligation Temporary Improvement Bonds, Series 1992A (Bonds) of the City described in the Terms of Proposal thereof is found and determined to be the highest and best bid received and is accepted, the proposal being to purchase the Bonds at a price of $ plus accrued interest to date of delivery, for Bonds bearing interest at the rate of __% per annum. Net effective interest rate: . 1.02. The sum of $ being the amount bid by the Purchaser in excess of $1,511,275 will be credited to the Debt Service Fund hereinafter created. The City Administrator is directed to ret~n the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful bidders forthwith. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behs]~' of the City. 1.03. The City will forthwith issue and sell the Bonds in the total principal amount of $1,525,000, orig'~na]]y dated February 1, 1992, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-I, upward, bear/ng interest as above set forth, and maturing on February 1, 1995. 1.04. Optional Redemption. The City may elect on February 1, 1994 and on any date thereafter to prepay Bonds. Redemption may be in whole or in part of the Bonds subject to prepayment. If only part of the Bonds are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. Prepayments will be at a price of par plus accrued interest. Section 2. Registration and Payment. 2.01. Registered Form. The Bonds will be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar descrfbed in Section 2.02. 8RG27508 RA125-32