1984-015 Council Resolution - Laserfiche WebLink

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RESOLUTION NO. 84 -15 RESOLUTION AWARDING THE SALE OF $35,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1984 FIXING THE FORM AND SPECIFICATIONS THEREOF AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (City), as follows: 1. That the City Council finds and determines that it is necessary to issue its $35,000 General Obligation Bonds of 1984 for the purpose of providing monies to finance the cost of construc- tion of various street improvement to Reiling Road within the City of Lino Lakes. 2. The City is authorized by the provisions of Minnesota Statutes §475.60, Subd. 2(1) to negotiate the sale of the bonds, there having been no negotiated sale of the City's bonds within the past ninety (90) days. 3. The bid of the State Bank of Hugo, to purchase the bonds is hereby found and determined to be a reasonable offer and shall be and is hereby accepted, said bid being to purchase the bonds at a price of per plus accrued interest to the date of delivery. The interest rate on such bonds due in the following years shall be as follows: 6.50% 7.00% 7.50% 7.75% 8.00% 1985 1986 1987 1988 1989 8.25% 8.50% 8.75% 9.00% 9.25% 1990 1991 1992 1993 1994 The Mayor and the City Clerk - Treasurer are directed to enter into a purchase contract for the bonds with the purchaser. The City shall forthwith issue and sell the bonds in the principal amount of $35,000, dated as of the date of delivery, the bonds being ten (10) in number and numbered one to ten, both inclusive, in the denomination of $3,500 each, bearing interest as above set forth, and which bonds mature serially commencing November 1, 1985 and on each November l thereafter until November 1, 1994. All bonds of this issue are subject to prior redemption, at the option of the City, in whole or part, at any time at a price of par plus accrued interest to the date of redemption.