Laserfiche WebLink
I <br />2. Acceptance of Offer. The offer of Moore, Juran <br />& Co. (the "Purchaser") to purchase $180,000 General <br />Obligation Improvement Bonds of 1988 of the City (hereinafter <br />referred to as the "Bonds" or individually as a "Bond") in <br />accordance with the terms and at the rates of interest <br />hereinafter set forth, and to pay therefor the sum of <br />$176,760.00, plus interest accrued to settlement, has been and <br />is hereby accepted. <br />3. Title; Original Issue Date; Denominations; <br />Maturities. The Bonds shall be titled "General Obligation <br />Improvement Bonds of 1988", shall be dated May 1, 1988, as the <br />date of original issue and shall be issued forthwith on or <br />after such date as fully registered bonds. The Bonds shall be <br />numbered from R-1 upward in the denomination of $5,000 each <br />or in any integral multiple thereof of a single maturity. The <br />Bonds shall mature on May 1 in the years and amounts as <br />follows: <br />Year <br />Amount <br />Year <br />Amount <br />1990 <br />$ 51000 <br />1995 <br />$25,000 <br />1991 <br />100,000 <br />1996 <br />$25,000 <br />1992 <br />10,000 <br />1997 <br />$25,000 <br />1993 <br />10,000 <br />1998 <br />$25,000 <br />1994 <br />20,000 <br />1999 <br />$25,000 <br />4. Purpose. The total cost of the Improvements, <br />which shall include all costs enumerated in Minnesota <br />Statutes, Section 475.65, is estimated to be at least equal to <br />the amount of the Bonds. Work on the Improvements shall <br />proceed with due diligence to completion. <br />5. Interest. The Bonds shall bear interest payable <br />semiannually on November 1 and May 1 of each year (each, an <br />"Interest Payment Date"), commencing November 1, 1988, <br />calculated on the basis of a 360 -day year of twelve 30 -day <br />months, at the respective rates per annum set forth opposite <br />the maturity years as follows: <br />3 <br />