01-11-1995 Council Agenda - Laserfiche WebLink

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JAN 06 '95 02 :49PM EHLERS & ASSOCIATES P.2/2 Attachment 3 Council Member introduced the following resolution and moved its adoption: Resolution Modifying Terms of Proposal G.O. Permanent Improvement Revolving Fund Bonds, Series 1995A A. WHEREAS, the City Council of the City of Little Canada, Minnesota, on December 21, 1994, adopted a resolution (the "Resolution) Providing for the Sale of $565,000 0.0. Permanent Improvement Revolving Fund Bonds, Series 1995A (the " Bonds "), to finance the construction of various improvements in the City; and B. WHEREAS, the City has determined that changes in estimated project costs and special assessments are needed. These changes require modifications in the Resolution: NOW, THEREFORE, BE IT RESOLVED by the City Council of City of Little Canada, Minnesota, that the Terms of Proposal as contained in the Resolution are modified as follows: 1. Amount of Bonds: $485,000. 2. Maturities; The Bonds will mature on February 1. in the following years and amounts: Year Amount Year Amount 1997 $45,000 2002 $50,000 1998 45,000 2003 50,000 1999 45,000 2004 50,000 2000 50,000 2005 50,000 2001 50,000 2006 50,000 3. Tvne of Proposal: Proposals ghat' be for not less than $477,800 plus accrued interest. .A good faith deposit in the amount of $9,700 must be submitted with each proposal, 4. Consideration: Bids will be presented to the City Council for consideration for award at a meeting to be held at 7:30 P.M, Central Time. All other teens and conditions as described in the Resolution shall remain in effect The motion for the adoption of the foregoing resolution was duly seconded by Council Member and, after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof. and the following voted against the same: Whereupon said resolution was declared duly passed and adopted ATTEST: City Administrator City Mayor Page 40