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04-22-1991 CC
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04-22-1991 CC
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MV City Council
City Council Document Type
City Council Packets
Date
4/22/1991
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introduced the follow- <br /> ing Resolution, the reading of which was waived by unanimous <br /> consent of the Council, and moved its adoption: <br /> RESOLUTION NO. 4073 <br /> RESOLUTION PROVIDING FOR THE <br /> ISSUANCE AND SALE OF <br /> $2 ,875, 000 GENERAL OBLIGATION WATER REVENUE <br /> BONDS, SERIES 1991A <br /> BE IT RESOLVED by the City Council (the "Council") of <br /> the City of Mounds View, Minnesota (the "City") , as follows: <br /> 1. It is hereby determined: <br /> (a) That the improvements to the City's municipal <br /> water system (the "Improvements") described in the <br /> Council 's March 25, 1991, resolution relating to <br /> these Bonds have been duly ordered by the City and <br /> have been constructed by the City or will be <br /> constructed under contracts which the City has or <br /> will let therefor, all pursuant to and in <br /> accordance with Minnesota Statutes, Section <br /> 444. 075. <br /> (b) That is it necessary and expedient to the sound <br /> financial management of the affairs of the City <br /> that the City issue its bonds pursuant to <br /> Minnesota Statutes, Section 444. 075 and Chapter <br /> 475, to provide financing for the Improvements. <br /> 2 . Acceptance of Offer. The bid of <br /> (the "Purchaser") to purchase the City's <br /> $2, 875, 000 General Obligation Water Revenue Bonds, Series 1991A <br /> (the "Bonds") , as described in the notice of sale thereof, is <br /> hereby found and determined to be the highest and best bid <br /> received pursuant to duly advertised notice of sale and shall be <br /> and is hereby accepted, such mid being to purchase the Bonds at a <br /> price of $ plus accrued interest to date of <br /> delivery, the Bonds to bear interest, to mature in the years and <br /> amounts, and to be subject to such other terms and conditions as <br /> hereinafter provided. The sum of $ , being the amount <br /> bid in excess of $2,837, 625, shall be credited to the Debt <br /> Service Account hereinafter created. The City Finance Director <br /> is directed to retain the good faith check of the Purchaser <br /> pending completion of the sale and delivery of the Bonds and to <br /> return the checks of the unsuccessful bidders forthwith. <br /> 3 . Title; Original Issue Date; Denominations ; <br /> Maturities. The Bonds shall be titled "General Obligation Water <br /> 16244 <br /> 2 <br />
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