1988.08.22 RESO 1988-0040 - Laserfiche WebLink

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(b) That is it necessary and expedient to the sound financial management of the affairs of the City that the City issue its bonds pursuant to Minnesota Statutes, Chapters 429 and 475, to provide financing for the Improvements. (c) The Improvements and all their components have been ordered prior to the date hereof, after a hearing thereon for which mailed and published notice was duly given as required by law describing the Improvements and all their components by general nature, estimated cost, and area to be assessed. 2. Acceptance of Offer. The bid of (the "Purchaser") to purchase the City's $1,055,000 General Obligation Improvement Bonds, Series 1988A (the "Bonds"), as described in the notice of sale thereof, is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, such bid being to purchase the Bonds at a price of $ plus accrued interest to date of delivery, the Bonds to bear interest, to mature in the years and amounts, and to be subject to such other terms and conditions as hereinafter provided. The sum of $ , being the amount bid in excess of $1,039,000, shall be credited to the Debt Service Account hereinafter created. The City Clerk -Treasurer is directed to retain the good faith check of the Purchaser pending completion of the sale and delivery of the Bonds and to return the checks of the unsuccessful bidders forthwith. 3. Title; Original Issue Date; Denominations Maturities. The Bonds shall be titled "General Obligation Improvement Bonds, Series 1988A," shall be dated September 1, 1988, 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 Bonds shall mature on March 1 in the years and amounts as follows: N