1988-076 Council Resolution - Laserfiche WebLink

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After due consideration of the bids, Member Bisel then introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 76 -88 A RESOLUTION AWARDING THE SALE OF $1,160,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A; 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 Shearson Lehman Hutton, Incorporated (Purchaser) to purchase $1,160,000 General Obligation Improvement Bonds, Series 1988A (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 adver- tised notice of sale and shall be and is hereby accepted, the bid being to purchase the Bonds at a price of $ 1,144,062.28 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Maturity Interest Rate Year of Maturity Interest Rate 1990 6.007, 1994 6.507. 1991 6.15 1995 6.60 1992 6.30 1996 6.70 1993 6.40 1997 6.80 Net effective interest rate: 6.84307 1.02. The sum of $ 1,462.28 being the amount bid by the Purchaser in excess of $1,142,600 shall be credited to the Debt Service Fund hereinafter created. The City Cle k- Treasurer is directed to retain the good faith check of the Purchaser, pendin completion of the sale of the Bonds, and to return the good faith checks of he unsuccessful bidders forthwith. The Mayor and City Clerk- Treasurer are di ected 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 $1,160,000, originally dated October 1, 1988, in the denomi- nation of $5,000 each or any integral multiple thereof, numbered No. R -1, upward, bearing interest as above set forth, and which mature serially on February 1 in the years and amounts as follows: