1974.03.18 RESO 1974-05 - Laserfiche WebLink

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The net effective average rate of interest of the $56,000 General Ou 1 igation Yre Equipment Bonds of 1974, after allocating to this bond issue a pro rata share of the discount for the two bond issues, is -E-? %. The Council then proceeded to consider such bids. After the bids had been co;i�idered and discussed, member aVallP_ introduced the following resolution and moved its adoption: RESOLU'i'ION ACCEPTING BID ON SALE OF $56,000 GENERAL- OBLIGATION FIRE EQUIPMENT I;ONDS OF 1974 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX � J)h THE PAYMENT THEREOF BE IT RESOLVED by the Council of the City of Hugo, Minnesota, a:, follows: 1. That the bid of Company to purchase $56,001) General Obligation Fire Equipment Bonds of 1974 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ S5,117 90 is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said. bonds are herEby awarded to said bidder. The City Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Said bonds shall be payable a:; to principal and interest at the American National Bank and Tr st Company, in St. Paul. Minnesota __ , or any succes_or Paying Agent duly appointed by the City. 2. The $56,000 negotiable coupon general obliga- tion bonds of the City shall be dated April 1, 1974 and shall be issued forthwith. Said bonds shall be 12 in number and numbered from 1 to 1_, both inclusive, in the denomination of $ 5,000 each., except for bonds numbered from 1_ to both inclusive, which shall be in the denomination o 1;000 each. Said bonds shall mature serially, lowest numbers first, on April 1 in the years and amounts as follows: $5,000 in each of the years 1976 to 1985, both inclusive; and $6,000 in the year 1986. -2-