1983 Resolutions - Laserfiche WebLink

Home Browse Search

I. That the offer of Juran & Moody, Inc. to purchase $140,000 General Obligation Improvement Bonds of 1983 of the City in accordance with the terms and at the rates of interest hereinafter -set forth and to pay therefor the sum of $137,256 plus interest accrued to settlement is hereby accepted. Said bonds shall be payable as to principal and interest at The First Nation : Paul _ or any successor paying agent duly appointed by the City. 2. The $140,000 negotiable coupon general obligation bonds of the City shall be dated June 1, 1983 and shall be issued forthwith. The bonds shall be 28 in number and numbered from 1 to 28, both inclusive, in the denomination of $5,000 each. The bonds shall mature serially, lowest numbers first, without option of prepayment, on December 1 in the amounts and years as follows: $65,000 in the year 1984; and $75,000 in'the year 1985. Both dates are inclusive. 3. The bonds shall provide funds for the construc- tion of various improvements in the City. 'The total cost of the improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the improvements shall proceed with due diligence to completion. 4. The bonds shall mature in the years and bear the serial numbers set forth below, and shall bear interest payable December 1, 1983 and semiannually thereafter on June i and December 1 of each year at the respective rates per annum set opposite the maturity years and serial numbers: Maturity Years Serial. Numbers Interest Rate 1984 1 -• 13 6.75% 1985 14 - 28 7.00 5. The bonds may be issued as typewritten bonds in any convenient denominations and shall be exchanged for printed bonds as soon as such bonds are available. Further, notwithstanding the form of -bond provided for below, if in the opinion of bond counsel, it is required that the bonds be issued in fully registered form in order that the interest on the bonds be exempt from federal income taxation under the terms of Section 103(j) of the Internal Revenue Code of 1954, as amended, the issuance of the bonds in such form is hereby approved. 'rhe bonds and :interest coupons to be issued hereunder shall be in substantially the following form: