09/13/1982 Council Minutes - Laserfiche WebLink

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Council Meeting September 13, 1982 retain the good faith check of the Purchaser pending completion of the sale and delivery of the Bonds. The City Clerk - Treasurer is directed to return the checks of the unsuccessful bidders forthwith. 237 2. The City shall forthwith issue and sell the Bonds in the total principal amount of $750,000, dated October 1, 1982, the Bonds being 150 in number and numbered 1 to 150, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable February 1, 1983, and semiannually thereafter on August 1 and February 1 in each year, and which Bonds mature serially on February 1 in the years and amounts as follows: YEAR AMOUNT YEAR AMOUNT 1984 $ 50,000 1988 $115,000 1985 50 ,000 1989 120 ,000 1986 50,000 1990 125,000 1987 110,000 1991 130,000 All Bonds maturing after February 1, 1988, are subject to redemption at the option of the City on February 1, 1987 and on any interest payment date thereafter. Redemption may be in whole or in part and shall occur in inverse numerical order, except that if some but not all Bonds of a single maturity date are called for prepayment, the specific Bonds of that maturity to be prepaid shall be chosen by lot by the paying agent. Prepayment of Bonds shall be at the price of par plus accrued interest to date of redemption. 3. Both principal of and interest on the Bonds shall be payable at the IIThe First National Bank of Saint Paul, in the City of St. Paul, Minnesota, and the City shall pay the reasonable charges of said bank for its services as paying agent. 4. The Bonds and the interest coupons to be thereto attached shall be in substantially the following form: No. $5,000 UNITED STATES OF AMERICA STATE OF MINNESG A COUNTY OF ANOKA CITY OF LINO LAKES GENERAL OBLIGATION IMPROVEMENT BOND OF 1982 KNOW ALL MEN BY THESE PRESENTS that the City of Lino Lakes, Anoka County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer, out of its General Obligation Improvement Bonds of 1982 Fund, the sum of FIVE THOUSAND DOLLARS on the lst day of February, 19, and to pay interest thereon from the date hereof until the principal amount is paid at the rate of and hundredths percent ( %) per annum, interest to maturity payable February 1, 1983, and semiannually thereafter on the 1st day of August and the lst day of February in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal of and interest on this bond are payable at the Bank of in the City of , Minnesota, in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts .