1975.09.25 RESO 1975-33 - Laserfiche WebLink

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NOTICE OF SALE $155,000 GENERAL OBLIGATION IMPROVEMENT BONDS CITY OF HUGO WASHINGTON COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Hugo, Min- nesota, will meet at the City Hall in the City of Hugo, on Monday, November 17, 1975, at 7:30 o'clock P.M., to receive, open and consider bids for the purchase of $155,000 negotiable coupon, general obligation bonds of the City on the following terms: Purpose and Security The purpose of the bonds is to provide funds for the construction of street and storm sewer improvements in the City. The bonds will be general obligations of the issuer, for which its full faith, credit and taxing powers are pledged. Date and Maturities The bonds will be dated December 1, 1975, will be in denomination of $1,000 or $5,000 each (bidder's option) and will mature on March 1, without option of prior payment in the following years and amounts: Year Amount Year Amount 1978 $15,000 1983 $15,000 1979 15,000 1984 15,000 1980 15,000 1985 15,000 1981 15,000 1986 15,000 1982 15,000 1987 20,000 Interest Interest on the bonds will be payable on September 1, 1976, and semiannually there- after on each March 1 and September 1. All bonds maturing on the same date must bear interest from date of issue until paid at a single, uniform rate, not exceeding the rate specified for bonds of any subsequent maturity. Each rate must be in an integral multiple of 5/100 of 1%, and no rate of interest nor the net effective average rate of the issue may exceed 7% per annum. No supplemental or "B" coupons will be permitted. Paying Agent Principal and interest will be made payable at any suitable bank in the United States designated by the successful bidder within 48 hours after award of sale, subject to approval by the City, and the City will pay the reasonable and customary paying agency charges.