HomeMy WebLinkAbout1984-015 Council ResolutionRESOLUTION NO. 84 -15
RESOLUTION AWARDING THE SALE OF $35,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1984
FIXING THE FORM AND SPECIFICATIONS THEREOF
AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED By the City Council of the City of Lino
Lakes, Anoka County, Minnesota (City), as follows:
1. That the City Council finds and determines that it
is necessary to issue its $35,000 General Obligation Bonds of 1984
for the purpose of providing monies to finance the cost of construc-
tion of various street improvement to Reiling Road within the City
of Lino Lakes.
2. The City is authorized by the provisions of Minnesota
Statutes §475.60, Subd. 2(1) to negotiate the sale of the bonds,
there having been no negotiated sale of the City's bonds within the
past ninety (90) days.
3. The bid of the State Bank of Hugo, to purchase the
bonds is hereby found and determined to be a reasonable offer and
shall be and is hereby accepted, said bid being to purchase the
bonds at a price of per plus accrued interest to the date of delivery.
The interest rate on such bonds due in the following years shall be
as follows:
6.50%
7.00%
7.50%
7.75%
8.00%
1985
1986
1987
1988
1989
8.25%
8.50%
8.75%
9.00%
9.25%
1990
1991
1992
1993
1994
The Mayor and the City Clerk - Treasurer are directed to enter into a
purchase contract for the bonds with the purchaser. The City shall
forthwith issue and sell the bonds in the principal amount of $35,000,
dated as of the date of delivery, the bonds being ten (10) in number
and numbered one to ten, both inclusive, in the denomination of
$3,500 each, bearing interest as above set forth, and which bonds
mature serially commencing November 1, 1985 and on each November l
thereafter until November 1, 1994.
All bonds of this issue are subject to prior redemption,
at the option of the City, in whole or part, at any time at a price
of par plus accrued interest to the date of redemption.
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4. Both principal of and interest on the bonds are
payable at the office of the City Clerk - Treasurer in the City of
Lino Lakes, Minnesota.
5. The bonds shall be substantially in the following
form:
No. R -1 $ 3,500
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF LINO LAKES
GENERAL OBLIGATION BOND OF 1984
KNOW ALL MEN BY THESE PRESENTS that the City of Lino Lakes,
Anoka County, Minnesota, acknowledges itself to be indebted and, for
value received, hereby promises to pay to the First State Bank of
Hugo, in Hugo, Minnesota or its registered assigns, with option of
prior payment, the principal sum of THREE THOUSAND FIVE HUNDRED and
no /100 ($3,500.00) DOLLARS on the 1st day of November, 1985 in such
coin or currency of the United States of America as at the time of
payment shall be legal tender for the payment of debts due the United
States of America and to pay interest on said principal sum from time
to time remaining unpaid in such coin or currency at the rate of
six and one -half (6.50 %) per cent per annum from the date hereof until
the principal sum is paid, interest to maturity payable on May 1,
1985 and semi - annually thereafter on the 1st day of November and
the 1st day of May. Principal of and interest on this bond are pay-
able at the office of the City Clerk- Treasurer in the City of Lino
Lakes, Minnesota.
Payments of installments of principal and the interest due
thereon shall discharge the City of the obligation hereon to the
extent of the payment made. Annual payments regardless of when
made, shall be applied first to the interest computed to the annual
installment due date and next to principal due. Other payments,
from whatever source derived, shall be applied to the principal last
to become due and shall not affect the obligation of the City to
pay the remaining installments as scheduled herein.
This bond has been issued by the City for the purpose of
providing money to finance street improvements within the City. This
bond is issued pursuant to and in full conformity with the Lino Lakes
Home Rule Charter, the Constitution and the laws of the State of
Minnesota thereunto enabling. This bond constitutes a general obli-
gation of the City and, to provide monies for the prompt and full
payment of its principal and interest as the same become due, the
• full faith and credit of the City is hereby irrevocably pledged, and
the City Council has levied ad valorem taxes for such purpose and,
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in the event of any deficiency, has obligated itself to levy addi-
tional ad valorem taxes on all of the taxable property in the City
without limitation as to rate or amount.
This bond may be assigned but upon such assignment the
assignee shall promptly notify the City at the office of the City
Clerk- Treasurer by registered mail, and the assignee shall furnish
the same to the City Clerk - Treasurer either in exchange for a new
fully registered bond in the principal amount then outstanding or
for transfer on the registration bonds kept by the Clerk- Treasurer
for such purpose.
IT IS HEREBY CERTIFIED AND RECITED, That all acts, condi-
tions and things required by the Constitution and laws of the State
of Minnesota to be done, to happen and to be performed precedent to
and in the issuance of this bond have been done, have happened and
have been performed in regular and due form, time and manner as re-
quired by law; and that this bond, together with all other indebted-
ness of the City outstanding on the date hereof and the date of its
actual issuance and delivery does not exceed any constitutional or
statutory limitation thereon.
IN TESTIMONY WHEREOF, the City of Lino Lakes, Anoka County,
Minnesota, by its City'Council, has caused this bond to be executed
by the facsimile signature of the Mayor and the manual signature of
the City Clerk - Treasurer, all as of May 1 , 1984.
City Clerk- Treasurer / Ma or
CERTIFICATE OF REGISTRATION
It is hereby certified that, at the request of the holder
of the within bond, the undersigned has this day registered it as to
principal and interest in the name of such holder as indicated in the
registration blank below, on the books kept by the undersigned for
such purposes.
NAME OF
DATE OF SIGNATURE OF.
REGISTERED HOLDER REGISTRATION
First State Bank of Hugo May 1, 1984
CITY CLERK- TREASURER