1974.03.18 RESO 1974-06 - Laserfiche WebLink

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�2`" EXTRACT OF MINUTES OF MEETING OF THE CITY COU14CIL OF THE CITY OF HUG 0, MINNESOTA HELD: March 18, 1974 Pursuant to due call and notice thereof, a S ecia meeting of the City Council of the City of Hugo, Washington County, Minnesota, was duly held at the City Hall in said City on the 18th day of March, 1974, at 8:00 o'clock P.M., C.D.S.T., for the purpose of opening and considering bids for and awarding the sale of $850,000 General Obligation Sani- tary Sewer Improvement Bonds of 1974 of said City, as one of two issues of the City offered for sale as one package and totaling $906,000. The following member s were present: "ayor rrever, C'oundlmen: Martin, LaValle, Lease, Leroux and the following were absent: none The Clerk presented affidavits showing publication of notice of call for bids on $850,000 General Obligation Sanitary Sewer Improvement Bonds of 1974 and $56,000 General Obligation Fire Equipment Bonds of 1974 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on February 11, 1974. Said affidavits were examined, found to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. The Council proceeded to receive and open bids for the sale of said bonds. The following bids were received: Bidder Interest Rate Net Interest Cost See pane 1.1 The net effective average rate of interest of the $850,000 General Obligation Sanitary Sewer Improvement Bonds of 1974, after allocating to'this bond issue p�o rata share of the discount for the two bond issues, is 3• %.