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I <br />C. No other obligations have been sold pursuant to a <br />private sale within the last three (3) calendar months of the <br />date hereof which when combined with this issue would exceed <br />the $300,000 limitation on negotiated sales as required by <br />Minnesota Statutes, Section 475.60, Subdivision 2(2): <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Hugo, Minnesota, as follows: <br />1. Ratification of Official Terms of Offering. The <br />City Council hereby ratifies, confirms and adopts the form of <br />Official Terms of Offering attached hereto as Exhibit A. <br />2. Acceptance of Offer. The offer of 1ST Bank of <br />St. Paul (the "Purchaser") to purchase $295,000 <br />General Obligation Improvement Bonds of 1984, Series A of the <br />City (hereinafter referred to as the "Bonds", or individually <br />as a "Bond"), in accordance with the terms and at the rates of <br />interest hereinafter set forth, and to pay therefor the sum of <br />$29(1.058.75 plus interest accrued to settlement is hereby <br />accepted. <br />3. Original Issue Date; Denominations; Maturities. <br />The Bonds shall be dated December 1, 1984, as the date of <br />original issue and shall be issued forthwith as fully <br />registered bonds. The Bonds shall be numbered from R-1 upward <br />in the denomination of $5,000 each or in any integral multiple <br />thereof of a single maturity. The Bonds shall mature, without <br />option of prepayment, on June 1 in the years and amounts as <br />follows: <br />Year <br />Amount <br />Year <br />Amount <br />1987 <br />$15,000 <br />1992 <br />$25,000 <br />1988 <br />20,000 <br />1993 <br />25,000 <br />1989 <br />25,000 <br />1994 <br />35,000 <br />1990 <br />25,000 <br />1995 <br />50,000 <br />1991 <br />25,000 <br />1996 <br />50,000 <br />4. Purpose. The Bonds shall provide funds to <br />finance the construction of the Improvements. The total cost <br />of the Improvements, which shall include all costs enumerated <br />in Minnesota Statutes, Section 475.65, is estimated to be at <br />least equal to the amount of the Bonds herein authorized. Work <br />on the Improvements shall proceed with due diligence to <br />completion. <br />5. Interest. The Bonds shall <br />semiannually on Junes and December 1 of <br />June 1, 1985, at the respective rates per <br />opposite the maturity years as follows: <br />-2- <br />bear interest payable <br />each year, commencing <br />annum set forth <br />