10/27/1971 Council Minutes - Laserfiche WebLink

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ill adoption: 1 i ADDENDUM TO MINUTES OF OCTOBER 27, 1971 After due consideration of said bids, Councilman Jaworski introduced the following resolution and moved its RESOLUTION AWARDING THE SALE AND DIRECTING THE ISSUANCE OF $550,000 TEMPORARY IMPROVEMENT BONDS OF 1971 AND PROVIDING COVENANTS FOR THEIR PAYMENT BE IT RESOLVED By the Village Council of the Village of Lino Lakes, Minnesota, es follows: 1. The bid of Northwestern National Bank of Minneapolis, Minneapolis, Minnesota, to purchase $550,000 Temporary Improvement Bonds of 1971 of the village described in the notice of sale 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, said bid being to purchase said bonds bearing interest at the rate of three and sixty hundredths per cent (3.60 %) per annum at a price of $546,920.00. The village treasurer is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds, and the village clerk is directed to return the checks of the unsuccessful bidders forthwith. 2. The $550,000 Temporary Improvement Bonds of 1971 shall bear date Nov. 1, 1971, shall be 110 in number and numbered 1 to 110, both inclusive, in the denomination of $5,000 each. Interest shall be payable semiannually on May 1 and November 1 of each year and all bonds shall mature on November 1, 1974. The principal of and interest on said bonds shall be payable at Northwestern National Bank of Minneapolis in the City of Minneapolis, Minnesota, and the village shall pay the reasonable charges of said bank for its services as paying agent. 3. Said Temporary Improvement Bonds shall be printed in substantially the following form: No. $5,000 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA VILLAGE OF LINO LAKES TEMPORARY IMPROVEMENT BOND OF 1971 KNOW ALL MEN BY THESE PRESENTS That the Village of Lino Lakes, a duly organized municipal corporation of Anoka County, Minnesota, acknowledges itself to be indebted and, for value received, promises to pay to bearer from its 1971 Water -Sewer Improvement Chomonix Fund the sum of FIVE THOUSAND DOLLARS on the first day of November, 1974, and to pay interest thereon from the date hereof until paid at the rate of three and sixty hundredths percent (3.60%) per annum, interest to maturity payable semiannually on the first day of May and the first day of November in each year in accordance with separate interest coupons hereto attached. Both principal and interest and payable at Northwestern National Bank