1994-089 Council Resolution - Laserfiche WebLink

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After due consideration of the proposals, Member xuether then introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 94-89 A RESOLUTION AWARDING THE SALE OF $2,095,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1994A; 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. Theproposalof FBS Investment Services, Inc. (Purchaser) to purchase $2,095,000 General Obligation Temporary Improvement Bonds, Series 1994A (Bonds) of the City described in the Terms of Proposal thereof is found and determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of $ 2, 079, 287.50 plus accrued interest to date of delivery, for Bonds bearing interest at the rate of 4.90 % per annum. True Interest Rate: 5.1511 . 1.02. The sum of $ 1,047.50 being the amount proposed by the Purchaser in excess of $2,078,240 will be credited to the Debt Service Fund hereinafter created. The City Clerk -Treasurer is directed to deposit 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 proposers 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 will forthwith issue and sell the Bonds in the total principal amount of $2,095,000, originally dated November 1, 1994, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest as above set forth, and maturing on November 1, 1997. 1.04. The City may elect on November 1, 1996, and on any day thereafter to prepay Bonds due on November 1, 1997. Redemption may be in whole or in part and if in part by lot as selected by the registrar. All prepayments shall be at a price of par plus accrued interest. Section 2. Registration and Payment. DJR76288 LN140-31