1998.05.04 RESO 1998-0016 - Laserfiche WebLink

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i D. WHEREAS, the City has retained Ehlers and Associates, Inc. in Roseville, Minnesota ("Ehlers"), as its independent financial advisor for the Bonds and therefore proposals to purchase the Bonds have been solicited by Ehlers in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); and E. WHEREAS, proposals set forth on Exhibit A attached hereto were received pursuant to the terms established for the Bonds at the offices of Ehlers, in the presence of the City Clerk -Treasurer, or designee, at 10:00 A.M., Central Time, this same day; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Hugo, Minnesota, as follows: 1. Acceptance of Proposal. The proposal of (the "Purchaser"), to purchase the Bonds (or, individually, a "Bond"), in accordance with the terms established for the Bonds, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby found, determined and declared to be the most favorable proposal received and is hereby accepted, and the Bonds are hereby awarded to said proposal maker. The Clerk - Treasurer is directed to retain the deposit of said proposal maker and to forthwith return to the unsuccessful proposal makers their good faith checks or drafts. 2. Bond Terms. (a) Title: Original Issue Date: Denominations: Maturitv. The Bonds shall be titled "General Obligation Temporary Improvement Bonds, Series 1998B11, shall be dated May 26, 1998, as the date of original issue and shall be issued forthwith on or after such date as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof of a single maturity (the "Authorized Denominations"). The Bonds shall all mature on February 1, 2001, unless called for earlier redemption. (b) Book Entry Only System. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York or any of its successors or its successors to its functions hereunder (the "Depository") will act as securities depository for the Bonds, and to this end: (i) The Bonds shall be initially issued and, so long as they remain in book entry form only (the "Book Entry Only Period"), shall at all times be in the form of a separate single fully registered Bond for each maturity of the Bonds; and for purposes of complying with this requirement under paragraphs 5 and 10 Authorized Denominations for any Bond 931992.1 2