1988-075 Council Resolution - Laserfiche WebLink

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• • • After due consideration of the bids, Member Reinert then introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 75 -88 A RESOLUTION AWARDING THE SALE OF $610,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1988B; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of First Bank National Association (Purchaser) to purchase $610,000 General Obligation Temporary Improvement Bonds, Series 1988B (Bonds) of the City described in the Official Terms of Offering thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, the bid being to purchase the Bonds at a price of $ 605,730 plus accrued interest to date of delivery, for Bonds bearing interest at the rate of 6.20 % per annum. Net effective interest rate: 6.43331 1.02. The sum of $ 305 being the amount bid by the Purchaser in excess of $605,425 shall be credited to the Debt Service Fund hereinafter created. The City Clerk- Treasurer is directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful bidders forthwith. The Mayor and City Clerk- Treasurer are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City shall forthwith issue and sell the Bonds in the total principal amount of $610,000, originally dated October 1, 1988, in the denomina- tion of $5,000 each or any integral multiple thereof, numbered No. R -1, upward, bearing interest as above set forth, and which Bonds mature on October 1, 1991. 1.04. Optional Redemption. The City may elect on October 1, 1990 and on any interest payment date thereafter to prepay Bonds. Redemption may be in whole or in part of the Bonds subject to prepayment. If only part of the Bonds are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. All payments will be at a price of par plus accrued interest. Section 2. Registration and Payment. 2.01. Registered Form. The Bonds shall be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, shall be payable by check or draft issued by the Registrar described herein.