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75
<br />1972 thru 1975 6.75 %
<br />1976 thru 19 6.50 % Net Interest Cost $52,117.50
<br />1977 thru 19 6.60 %
<br />1978 thru 19 6.70 % Net Effective Rate 6.9956%
<br />1979 thru 19 6.75 %
<br />1980 thru 19,x, 6.80 %
<br />Mr. Locher stated it was proper to inquire of the recommendation of the fiscal agent
<br />before action was taken on the bid. Mr. Langness stated that because the market
<br />was going up and down, he definitely recommended that Lino Lakes accept this bid
<br />unless they wished to wait awhile for another, which might be as high.
<br />Mr. Cardinal moved to adopt a resolution authorizing the acceptance of the bid
<br />from Piper, Jaffrey & Hopwood and authorizing Springsted, Inc. to print the bonds,
<br />coupons, etc., and deliver these to the buyer, also authorizing the signatures of
<br />the Mayor and Clerk- Treasurer on the same. Seconded by Mr. Jaworski. Carried
<br />unanimously.
<br />RESOLUTION AWARDING THE SALE OF $100,000
<br />MUNICIPAL BUILDING BONDS, FIXING THE FORM
<br />AND SPECIFICATIONS THEREOF, DIRECTING
<br />THEIR EXECUTION ANDODELIVERY AND PROVIDING
<br />TAXES FOR THEIR PAYMENT.
<br />BE IT RESOLVED By the Village Council of the Village of Lino Lakes, Minnesota,
<br />as follows:
<br />1. The bid of Piper, Jaffrey & Hopwood, Minneapolis, Minnesota to purchase
<br />$100,000 Municipal Building Bonds of the Village described in the notice of sale
<br />thereof, is hereby found and determined to be the highest and best bid received
<br />pursuant to duly advertised notice of sale and shall be and is hereby accepted,
<br />said bid being to purchase bonds bearing interest as follows: Bonds maturing in
<br />the years 1972 to 1975 inclusive, six and seventy -five hundredths per cent (6.75 %)
<br />per annum; bonds maturing in 1976, six and fifty hundredths per cent (6.50 %) per
<br />annum; bonds maturing in 1977, six and sixty hundredths per cent (6.60 %) per annum;
<br />bonds maturing in 1978, six and seventy -five hundredths per cent (6.75 %) per annum;
<br />bonds maturing in 1978, six and seventy -five hundredths per cent (6.75 %) per annum;
<br />and bonds maturing in the years 1980 to 1982 inclusive, six and eighty hundredths per
<br />cent (6.80 %) per annum at a price of $98,040.00. The Village Treasurer is directed
<br />to retain the good faith check of the successful bidder pending completion of the
<br />sale and delivery of the bonds, and the Village Clerk is directed to return the
<br />checks of unsuccessful bidders forthwith.
<br />2. The Village shall forthwith issue Municipal Building Bonds in the aggregate
<br />principal amount of $100,000, said bonds to be dated March 1, 1970, to be 20 in number
<br />and numbered 1 to 20, both inclusive, in the denomination of $5,000 each, bearing
<br />interest as above set forth, payable March 1, 1971 and semiannually thereafter on
<br />March 1 and September 1 in each year, and maturing serially on March 1 in the years
<br />and amounts as follows: $5,000 in 1972 and 1973, $10,000 in 1974 to 1982, both
<br />inclusive, without option of prior payment.
<br />3. Both principal of and interest on said bonds shall be payable at the main
<br />office of the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota
<br />and the village shall pay the reasonable charges of said bank for its services as
<br />paying agent,
<br />4. The bonds and the interest coupons to be thereto attached shall be in sub-
<br />stantially the following form:
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