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218 <br />Council Meeting <br />April 23, 1984 <br />design depth be provided to the terminal point in Lino Lakes, and <br />That the sewer be made available no later than May 1, 1985. <br />Adopted by the City Council of the City of Lino Lakes this 23rd day <br />of A pril, 1984. <br />Edna L. Sarner , City Clerk <br />enjamin G. Be .n, Mayor <br />Mr. Kulaszewicz moved to approve the foregoing Resolution #84 -18. <br />Seconded by Mr. Marier. Motion carried unanimously. <br />ATTORNEY's REPORT <br />Mr. Hawkins presented the bid for the $35,000.00 Bond Issue from the First <br />State Bank of Hugo. Mr. Haskins had prepared a Resolution accepting the <br />bid and awarding the sale to the First State Bank of Hugo. This is <br />REsolution #84 -15. (Mr. Hawkins will forward the conpleted REsolution and <br />this will be typed into these minutes in the permanent record book). <br />RESOLUTION #84 -15 <br />RESOLUTION AWARDING THE SALE OF $35,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS OF 1984 <br />FIXING THE FORM AND SPECIFICATIONS THEREOF <br />AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka <br />County, Minnesota (City), as follows: <br />1. That the City Council finds and determines that it is necessary <br />to issue its $35,000 General Obligation Bonds of 1984 for the purpose <br />of providing monies to finance the cost of construction of various <br />street improvement to Reiling road within the City of Lino Lakes. <br />2. The City is authorized by the provisions of Minnesota Statutes <br />S475.60, Subd. 2 (1) to negotiate the sale of the bonds, there having been <br />no negotiated sale of the City's bonds within the past ninety (90) days. <br />3. The bid of the State Bank of Hugo, to purchase the bonds is hereby <br />found and determined to be a reasonable offer and shall be and is hereby <br />accepted, said bid being to purchase the bonds at a price of par plus <br />accrued interest to the date of delivery. The interest rate on such <br />bonds due the following years shall be as follows: <br />6.5% 1985 8.25% 1990 <br />7.00% 1986 8.50% 1991 <br />7.50% 1987 8.75% 1992 <br />7.75% 1988 9.00% 1993 <br />8.00% 1989 9.25% 1994 <br />