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17 <br />Subdivision 1. Pursuant to the Terms and Conditions of Sale for the Bonds, (—) <br />proposals for the purchase of the Bonds were received at or before the time specified for receipt <br />of proposals. The proposals have been opened and publicly read and considered, and the <br />purchase price, interest rates and true interest cost under the terms of each bid have been <br />determined. The most favorable proposal received is that of <br />of and associates (the "Purchaser"), to purchase the Bonds at <br />a price of $ the Bonds to bear interest at the rates set forth in Section 2.01. <br />The proposal is hereby accepted, and the Mayor and the City Manager are hereby authorized and <br />directed to execute a contract on the part of the City for the sale of the Bonds with the Purchaser. <br />The good faith checks of the unsuccessful bidders shall be returned forthwith. <br />1.03. Performance of Requirements. All acts, conditions and things which are required <br />by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be <br />performed precedent to and in the valid issuance of the Bonds having been done, existing, having <br />happened and having been performed, it is now necessary for this Council to establish the form <br />and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. <br />1.04. Maturities of Bonds. The Council hereby finds that the maturities of the <br />Improvement Bonds as set forth in Section 3.01 hereof are warranted by the anticipated <br />collections of special assessments and ad valorem taxes levied and to be levied for the payment <br />of the Improvement Bonds as provided in Section 5 hereof. <br />Section 2. Form of Bonds. The Bonds shall be prepared in substantially the <br />following form: <br />[The remainder of this page is intentionally left blank] <br />-2- <br />