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R-74-39 <br />RESOLUTION <br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />A RESOLUTION ACCEPTING BIDS ON SALE OF $739,000.00 <br />GENERAL OBLIGATION PARK BONDS AND PROVIDING FOR THE <br />ISSUANCE THEREOF <br />WHEREAS, on the 19th day of November, 1974, the City Clerk was directed by the <br />City Council of the City of Lake Elmo to advertise for bids for the purchase of <br />$739,000.00 in General Obligation Park Bonds as authorized by the Special Election <br />held June 11, 1974. <br />WHEREAS, said advertisements were duly published and bids were received and <br />opened, and the following bids appeared to be in proper form: <br />Bidder Purchase Price Interest Interest <br />BancNorthwest $725,000.00 $645,345.00 6.8785 <br />The First National Bank <br />of St. Paul 725,000.00 637,115.00 6.79082 <br />Piper, Jaffrey & Hopwood 725,000.00 656,457.50 6.9970 <br />WHEREAS, it appears that The First National Bank of St. Paul offers the lowest <br />net interest rate, and it is therefore the best: <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lake Elmo: <br />1. That the bid of The First National Bank of St. Paul for the purchase of <br />$739,000.00 of General Obligation Park Bonds as authorized by the Special Election <br />of June 11, 1974, be, and the same is, hereby accepted. <br />2. That the Mayor and Clerk are instructed to execute such bonds in accordance <br />with such Resolutions and to deliver Improvement Bonds to said bidder, upon payment <br />of the sum mentioned above. <br />Adopted by the City Council this llth day of December, 1974. <br />Attest: <br />Donald Mehsikomer, City Clerk <br />Maynard L. Eder, Mayor <br />