Laserfiche WebLink
The Council then proceeded to consider and discuss <br />the bids, after which member Marier introduced <br />the following resolution and moved its adoption: <br />Resolution #85 -24 <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$1,850,000 GENERAL OBLIGATION TEMPORARY <br />IMPROVEMENT BONDS, SERIES 1985 <br />AND PROVIDING FOR THEIR ISSUANCE <br />BE IT RESOLVED by the Council of the City of Lino Lakes, <br />Minnesota, as follows: <br />1. The bid of Cronin & Marcotte, Inc. (the "Purchaser ") <br />to purchase $1,850,000 General Obligation Temporary Improvement <br />Bonds, Series 1985 of the City (hereinafter referred to as <br />"Bonds" or individually as "Bond "), in accordance with the <br />notice of bond sale, at the rates of interest hereinafter set <br />forth, and to pay therefor the sum of $ 1,831,504 plus interest <br />accrued to settlement is hereby found, determined and declared <br />to be the most favorable bid received and is hereby accepted, . <br />and the Bonds are hereby awarded to said bidder. The City <br />Administrator is directed to retain the deposit of said bidder <br />and to forthwith return the good faith checks or drafts to the <br />unsuccessful bidders. <br />2. The Bonds shall be dated November 1, 1985, as the <br />date of original issue and shall be issued forthwith as fully <br />registered bonds. The Bonds shall be numbered from R -1 upward <br />in the denomination of $5,000 each or in any integral multiple <br />thereof. The Bonds shall mature on November 1, 1988. <br />3. The Bonds shall provide funds for the construc- <br />tion of various improvements (the "Improvements ") in the City. <br />The total cost of the Improvements, which shall include all <br />costs enumerated in Minnesota Statutes, Section 475.65, is <br />estimated to be at least equal to the amount of the Bonds <br />herein authorized. Work on the Improvements shall proceed with <br />due diligence to completion. <br />4. The Bonds shall bear interest payable semi- <br />annually on May 1 and November 1 of each year commencing May 1, <br />1986 at the rate of six and seventy hundreths percent <br />(6.70 %) per annum. <br />5. All Bonds of this issue shall be subject to <br />redemption and prepayment at the option of the City on November <br />1, 1987 or May 1, 1988 and on any interest payment date <br />2 <br />