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1 <br />1 <br />1 <br />the <br />After due consideration of the bids, Member <br />Bohj anen <br />then introduced <br />following written resolution and moved its adoption the reading of which had <br />dispensed with by unanimous consent: <br />RESOLUTION NO. 59 - 90 <br />A RESOLUTION AWARDING THE SALE OF $1,015,000 <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, <br />SERIES 1990B; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, loka <br />Minnesota (City) as follows: <br />Section 1. Sale of Bonds. <br />1.01. The bid of (Purchas= <br />$1,015,000 General Obligation Temporary Improvement Bonds, Series 1990B <br />City described in the Official Terms of Offering thereof is found and deters <br />highest and best bid received pursuant to duly advertised notice of sale and is <br />bid being to purchase the Bonds at a price of $ plus accrued int( <br />delivery, for Bonds bearing interest at the rate of % per annum. <br />interest rate: <br />1.02. The sum of $ being the amount bid by the Purcha <br />$1,005,865 will be credited to the Debt Service Fund hereinafter created. <br />Treasurer is directed to retain the good faith check of the Purchaser, pendir <br />the sale of the Bonds, and to return the good faith checks of the unsu <br />forthwith. The Mayor and City Clerk - Treasurer are directed to execute a c <br />Purchaser on behalf of the City. <br />1.03. The City will forthwith issue and sell the Bonds in the total pri <br />$1,015,000 originally dated August 1, 1990, in the denomination of $5,' <br />integral multiple thereof, numbered No. R -1, upward, bearing interest as <br />and maturing on August 1, 1993. <br />1.04. Optional Redemption. The City may elect on August 1, 1992 <br />thereafter to prepay Bonds. Redemption may be in whole or in part of the <br />prepayment. If only part of the Bonds are called for prepayment the spe <br />prepaid will be chosen by lot by the Registrar. Prepayments will be at a <br />accrued interest. <br />Section 2. Registration and Payment. <br />2.01. Registered Form. The Bonds will be issued only in fully regis <br />interest thereon and, upon surrender of each Bond, the principal amount th <br />by check or draft issued by the Registrar described in Section 2.02. <br />been <br />County, <br />°) to purchase <br />3onds) of the <br />red to be the <br />ccepted, the <br />st to date of <br />et effective <br />in excess of <br />City Clerk - <br />°oatpletion of <br />ssful bidders <br />act with the <br />at amount of <br />each or any <br />'e set forth, <br />an any date <br />ds subject to <br />Bonds to be <br />of par plus <br />form. The <br />is payable <br />