04/23/1984 Council Minutes - Laserfiche WebLink

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1 1 219 Council Meeting April 23, 1984 The Mayor and the City Clerk - Tresaurer are directed to enter into a purchase contract for the bodns with the purchaser. The City shall forthwith issue and sell the bods in the pricipal amount of $35,000, dated as of the date of delivery, the bonds being ten (10) in number and numbered one to ten, both inclusive, in the denomination of $3,500 each, bearing interest as baove set forth, and which bonds mature serially commencing November 1, 1985 and on each November 1 thereafter until November 1, 1994. All bonds of this usse are subject to prior redemption, at the option of the City, in whole or part, at any time at a price of par plus interest to the date of redemption. 4. Both princopal of and interest on the bonds are payable at the office of the City Clerk- Treasurer in the City of Lino Lakes, Minnesota. 5. The bonds shall be substantially in the following form: No. R -1 $3,500 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF AMIKA CITY OF LINO LAKES GENERAL OBLIGATION BOND OF 1984 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 the Fitst State Bank of Hugo, in Hugo, Minnesota or its registered assigns, with option of prior payment, the principal sum of THREE THOUSAND FIVE HUNDRED and no /100 ($3,500.00) DOLLARS on the 1st day of November, 1985 in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of debts due the Uniter States of America nad to pay interest on said principal sum from time to time remaining uppaid in such coin or currency at the rate of six and one -half (6.5 %) per cent per annum from the date hereof until the principal sum is paid, interest to maturity payable on May 1, 1985 and semi - annually thereafter on the 1st day of November and the 1st day of May. Principal of and interest on this bond are payable at the office of the city Clerk- Treasurer in the City of Lino Lakes, Minnesota. Payments of installments of pricipal and the interest due thereon shall discharge the City of the obligation hereon to the extent of the payment made. Annual payments regardless of when made, shall be applied first to the interest computed to the annual installment due dat eand next to pricipal due. Other payments, from whatever source derived, shall be applied tothe pricipal last to become due and shall not affect the obligation of the City of pay the remaining installments as scheduled herein. This bond has been issued by the City for the purpose of providing money to finance street improvements within the City. This bond is issued pursuant to and in full conformity with the Lino Lakes Home Rule Charter, the Constitution and the laws of the State of Minnesota thereunto enabling.