HomeMy WebLinkAboutRES 85-053 RESOLUTION RELATING TO $2,125,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985B; AWARDING THE SALE THEREOF Meeting Sheet
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Box: 23
Folder: RES 1985
Document: RES 85-053 RESOLUTION RELATING TO $2,125,000
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 19856;
AWARDING THE SALE THEREOF
•
Member Marks introduced the following
resolution and moved its adoption:
RESOLUTION NO. 85-053
RESOLUTION RELATING TO $2 , 125 , 000 GENERAL
OBLIGATION TAX INCREMENT BONDS, SERIES
1985B; AWARDING THE SALE THEREOF
BE IT RESOLVED by the City Council of the City of
St . Anthony, Minnesota (the City) as follows :
1 . This Council , under the authority of Minnesota
Statutes , Sections 273 . 77(a) and 462 . 581 and Minnesota
Statutes , Chapter 475 , and pursuant to Resolution 85-047
adopted on November 12 , 1985 , (the Resolution) authorized the
issuance of and ordered that a public sale of $2, 125, 000
General Obligation Tax Increment Bonds , Series 1985B (the
Bonds) be held on this date. Notice of the public sale of the
Bonds was duly given as required by Minnesota Statutes ,
Section 475 . 60 . In accordance with the Terms and Conditions of
Sale for the Bonds , 3 sealed bids were received for the
Bonds by the City Manager prior to 2 : 00 P .M. on this date .
• Those bids have been opened and publicly read aloud and
considered by this Council , and the terms of each have been
determined.
2 . The bid of Norwest Investment Services -
of Minneapolis, Minnesota , for the purchase of the Bonds on the
terms set forth in the Terms and Conditions of Sale, at a price
of $ 2 , 093 , 125 plus accrued interest from the date of the
Bonds to the date of delivery thereof , the Bonds to bear
interest at the rates set forth in Section 3 hereof , results in
a net interest cost (determined by the addition of any discount
to and the deduction of any premium from the total interest
cost of all bids received pursuant to the Notice of Bond Sale
and the Terms and Conditions of Sale for the Bonds) of $1, 461 ,616 . 67
and is therefore declared to be the best bid received and is
hereby accepted. The Mayor and City Manager are hereby authorized
and directed to execute a contract for the sale of the Bonds to
Norwest Investment Services in accordance with the terms of
said bid, the Terms and Conditions of Sale and this resolution.
3 . Pursuant to the bid accepted by this Council and
by this resolution, Bonds maturing in the years set forth below
shall bear interest at the respective rates per annum set forth
opposite such years , as follows :
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Year Rate Year Rate
1989 6 . 200 1995 7 . 40%
1991 6 .60% 1996 7.60%
1992 6 . 80% 1997. 7 . 80%
1993 7 . 00% 1998 8 .00%
1994 7 . 20%
4 . The City Manager shall deposit the good faith
check of the successful bidder , pursuant to the Terms and
Conditions of Sale, and shall return the good faith checks_ of
the unsuccessful bidders forthwith.
Mayos
Attest :
City Clerk
The motion for the adoption of the foregoing .
resolution was duly seconded by Member Enrooth and upon
vote being taken thereon, the following voted in favor thereof :
All members
the following voted against the same : None
whereupon said resolution was declared duly passed and adopted,
and was signed by the Mayor, whose signature was attested by
the City Clerk . .
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