1974 Resolutions - Laserfiche WebLink

Home Browse Search

R-74-23 RESOLUTION CITY OF LAKE ELMO WASHINGTON COUNTY, MINNESOTA A RESOLUTION ACCEPTING BIDS ON SALE OF $179,000.00 GENERAL OBLIGATION STREET IMPROVEMENT BONDS OF 1974 AND PROVIDING FOR THE ISSUANCE 'THEREOF WHEREAS, On the 18th day of June, 1974, the City Clerk was directed by the City Council of the City of Fake Elmo to advertise for bids for purchase of $179,000.00 in general obligation street improvement bonds of 1974 to be issued by the City to defray the expense of street improvements; and WHEREAS, said advertisements were duly published, and bids have been received and opened, and the following bids appear to be in proper form: 1. Dain, Kalman & Quail Purchase price $176,064.40 Total interest cost 68,857.60 Net interest rate 6.3875% 2. First National Bank of St. Paul Purchase price $175,509.50 Total interest rate 68,170.50 Net interest cost 6.3237% 3, Piper, Jaffrey, Cronin & Marcotte Purchase price $175,509.50 Total interest cost 73,064.50 Net interest cost 6.777% 4. E. J. Prescott & Co. Purchase Price $175,600.00 Total interest cost 70,236.00 Net interest cost 6.5153% WHEREAS, it appears that the bid of the First National Bank of St. Paul offers the lowest net interest rate, and is therefore best: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of bake Elmo: 1. That the bid of the First National Bank of St. Paul for the purchase of $179,000.00 of general obligation street improvement bonds of 1974 as authorized to be issued by resolution of the said Council on June 18, 1974, be, and the same is hereby, accepted. 2. That the Mayor and Clerk are instructed to executed such bonds in accor- dance with such resolutions and to deliver the improvement bonds to said bidder, upon payment of the sum mentioned above. Adopted by the City Council this 16th day of July,1974. Attest: Mayna d L. Eder, Mayor Donald Mehsikomer, Clerk