1986-049 Council Resolution - Laserfiche WebLink

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• 1 • RESOLUTION NO.' 49 -86 RESOLUTION AWARDING THE SALE OF $475,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1986A; . 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 Lino Lakes, Minneso- ta, (City) as follows: Section 1. Sale of'Bonds. 1.01. The bid of Norwest Investment Services, Inc. (Pur- chaser) to purchase $475,000 General Obligation Improvement Bonds, Series 1986A (Bonds) of the City described in the Official Terms of Offering thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, the bid being to purchase the Bonds at a price of $ 470.725. plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1988 4.00% 1993 5.40% 1989 4.40% 1994 5.60% 1990 4.70% 1995 5.80% 1991 5.00% 1996 6.00% 1992 5.20% 1997 6.00% The City Clerk- Treasurer is directed to retain the good faith check of the Purchaser on behalf of the City pending completion of the sale and delivery of the Bonds, and to return the checks of the unsuccessful bidders forth- with. The sum of $ 2,850 being the amount offered by the Purchaser in excess of $467,875 shall be credited to the Debt Service Fund created by Section 3. 1.02. The City shall forthwith issue and sell the Bonds in the total principal amount of $475,000, originally dated as of December 1, 1986, the Bonds being in fully registered form and issued in the denomination of $5,000 or any integral multiple thereof, numbered no. 1 upward, bearing interest as above set forth, and which Bonds mature serially on February 1 in the years and amounts as follows: