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28 Council Meeting September 13, 1982 All bonds maturing after February 1, 1988, are subject to redemption at the option of the City on February 1, 1989 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. This bond is one of an issue of bonds in the total principal amount of $750,000, all of like date and tenor except as to maturity, interest rate, redemption privilege and serial number, all issued by the City for the purpose of providing money to defray the expenses incurred and to be incurred in making local improvements, pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Chapter 429, and is payable primarily from special assessments against property specially benefited thereby, but constitutes a general obligation of the City, and, to provide moneys for the prompt and full payment of the principal of and interest on the bonds as the same become due, the full faith and credit of the City is hereby irrevocably pledged, and the City Council will levy ad valorem taxes, if required for such purpose, which taxes may be levied on all of the taxable property in the City without limitation as to rate or amount. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to happen and to be performed precedent to and in the issuance of this bond have been done, have happened and have been performed in regular and due form, time and manner as required by law; and that this bond, together with all other indebtedness of the City out- standing on the date hereof and on the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation thereon. IN WITNESS WHEREOF, the City of Lino Lakes, Anoka County, Minnesota, by its City Council, has caused this bond to be executed by the facsimile signatures of its Mayor and its Clerk - Treasurer, and by the manual signature of one of said officers, to be sealed with a facsi mile. df the corporate-seal of the. City',-and the interest. coupons hereto 'attached to_be,executed and authenticated by the facsimile signatures of- .s'aid officers, all as of October 1, 1982. (Facsimile Signature) City Clerk- Treasurer (FACSIMILE SEAL There was discussion on these bids with Mr. Feljsted noting that the City had retained the "A" Rating from Moody's. Mr. Marier moved to award the bid to First National Bank of St. Paul, First National Bank of Minneapolis and First State Bank of Hugo at a net effective interest of 8.5666 %. Seconded by Mr. Reinert. Motion carried unanimously. ENGINEER's REPORT Mr. Davidson presented his recommendations as related to the proposed sewer installation at the Baldwin Mobile Home Court. The plans and specifications had been received from Milner Carley and there are several areas that Mr. Davidson questioned - is this to be a City project? bonded and installed by the City and 1