1988-062 Council Resolution - Laserfiche WebLink

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• EXHIBIT A NOTICE OF BOND SALE $1,480,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A CITY OF LINO LAKES, ANOKA COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the purchase of the above bonds will be received until 12:00 Noon, - C.T. on Monday, September 26, 1988, in the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, St. Paul, Minnesota 55101 -2143, at which time the bids will be opened and tabulated for consideration by the City Council at a meeting at 7:00 p.m. on the same day. The bonds are offered on the following terms. The bonds will be dated October 1, 1988, will bear interest payable semiannually on each February 1 and August 1, commencing August 1, 1989, and will mature on February 1 in the years and amounts as follows: Year Amount Year Amount 1990 $ 50,000 1995 $150,000 1991 50,000 1996 200,000 1992 125,000 1997 245,000 1993 150,000 1998 360,000 1994 150,000 The City may elect on February 1, 1995 or on any interest payment date thereafter to redeem and prepay bonds of this issue in whole or in part, in inverse order of maturities and by lot within maturities, maturing on or after February 1, 1996 at a price of par plus accrued interest to date of redemption. Bidders must specify a price of not less than $1,457,800 plus accrued interest. A legal opinion on the bonds will be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota. The proceeds of the bonds will be used to permanently finance the City's $1,850,000 General Obligation Temporary Improvement Bonds, Series 1985, dated November 1, 1988, and to finance a portion of the costs of various assessable public improvements in the City. Bidders should be aware that the Official Statement to be distributed for the bonds may contain additional bidding terms and information relative to the bonds. In the event of a variance between statements in this Notice of Bond Sale and the Official Statement bidders must comply with the terms of the latter.