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RESOLUTION 1981-16 <br />RESOLUTION PROVIDNG FOR THE ISSUANCE AND SALE OF $170,000 <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1981 <br />WHEREAS: <br />A. The City Council has heretofore determined that it is necessary <br />and expedient to issue $170,000 to issue $170,000 General Obligation <br />Temporary Improvement Bonds of 1981, pursuant to Minnesota Statutes, <br />Chapters 475 and 429, to finance the construction of street and storm <br />sewer improvements in the City; <br />B. No other obligations have been sold pursuant to a private sale <br />within the last three (3) months which when combined with this issue would <br />exceed $200,000 as required by Minnesota Statutes, Section 475.60, Sub- <br />division 2(2); <br />NOW THEREFORE, BE IT RESOLVED by the Council of the City of Hugo, <br />Minnesota, as follows: <br />1. That the offer of The First National Bank of St. Paul <br />to purchase $170,000 General Obligation Temporary Improvement Bonds of <br />1981 of the City in accordance with the terms and at the rates of <br />interest hereinafter set forth and to pay therefor the sum of $167,671.00 <br />is hereby accepted. Said bonds shall be payable as to principal and <br />interest at The First National Bank of St. Paul or any successor <br />paying agent duly appointed by the City. <br />2. The $170,000 negotiable coupon general obligation bonds of <br />the City shall be dated October 1, 1981, and shall be issued forthwith. <br />The bonds shall be 34 in number and numbered from 1 to 34, both inclusive, <br />in the denomination of $5,000 each. Said bonds shall mature, without <br />option of prepayment, on October 1, 1984. <br />3. The bonds shall provide funds for the construction of street <br />and storm sewer improvements in the City. The total cost of the improve- <br />ments, which shall include all costs enumerated in Minnesota Statutes, <br />Section 475.65, is estimated to be at least equal to the amount of the <br />bonds herein authorized. Work on the improvements shall proceed with <br />due diligence to completion. <br />4. The bonds shall bear interest at the rate of 9.90% per annum, <br />payable semiannually on April 1 and October 1 of each year, commencing <br />April 1, 1982. <br />5. The bonds and interest coupons to be issued hereunder shall be <br />in substantially the following form: <br />