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Member i4arier then introduced the following resolution
<br />and moved its adoption:
<br />RESOLUTION AWARDING THE SALE OF $160,000 WATERWORKS
<br />IMPROVEMENT BONDS, SETTING THE BOND AND COUPON FORMS,
<br />CREATING A SINKING FUND AND LEVYING TAXES FOR THE
<br />SUPPORT THEREOF.
<br />BE IT RESOLVED By the Village Council of the Village of Hugo,
<br />Minnesota, as follows:
<br />(1) That it is hereby found, determined and declared that the bid
<br />- of i Ili ams Company
<br />of Minneapolis
<br />for the purchase of $160,000 general obligation Waterworks Improvement
<br />Bonds is the highest and best bid submitted for said bonds, said bid being
<br />to purchase the same at a price of Dar and accrued interest plus a premium
<br />of (no premium) dollars for bonds maturing and bearing interest
<br />as follows:
<br />4. 0% for bonds maturing in the years 1963 through 1970, inclusive;
<br />4. 25/0 for bonds maturing in the years 1971 through 1977, inclusive;
<br />4.3% for bonds maturing in the years 1978 -through 1981, inclusive,,
<br />plus additional interest at -the rate of 1.2% per annum on all bonds
<br />from i4ay 1, 1961 to hugust 1, 1962.
<br />(2) That said bid is hereby accepted on behalf of the Village and
<br />the Mayor and Clerk are hereby authorized and directed to en-
<br />dorse an acceptance on said bid and the Clerk is hereby authorized and
<br />directed to retain the good faith deposit of said high bidder and to re-
<br />turn the bid deposits of all other bidders forthwith.
<br />(3) That the Village shall forthwith issue its $160,000 Waterworks
<br />Improvement Bonds of 1961, in denominations of $1,000 each,
<br />numbered 1 through 160, dated May 1, 1961, maturing on February 1 of each
<br />year and bearing an annual interest as follows:
<br />Interest
<br />Interest
<br />Year
<br />Maturity
<br />Rates
<br />Year
<br />Maturity
<br />Rates
<br />1963
<br />$ 5,000
<br />4'.. 0c/,6
<br />1973
<br />$
<br />4,000
<br />4. 2%>
<br />1964
<br />e? 10, 0 0 0
<br />4.00
<br />19741.
<br />$
<br />4,000
<br />4.2%
<br />1965
<br />$151000
<br />4.0%
<br />1975
<br />4,000
<br />4. Z, /.
<br />1966
<br />$10,000
<br />4.01)10'
<br />1976
<br />$
<br />4,000
<br />z1l. 2%
<br />1967
<br />$15,000
<br />4.0%
<br />1977
<br />$
<br />4,000
<br />4. 20//0
<br />1968
<br />$10,000
<br />4.01,16
<br />1978
<br />$
<br />5,000
<br />4. 3%
<br />1969
<br />$15,000
<br />4.0%
<br />1979
<br />$
<br />5,000
<br />4. 3%
<br />1970
<br />$10,000
<br />4. 0%
<br />1980
<br />5,000
<br />4.3%.
<br />1971
<br />$15,000
<br />4.2%
<br />1981
<br />$
<br />5,000
<br />4'. 3%
<br />1972
<br />$15,000
<br />4 . 2,,,,'
<br />plus
<br />additional
<br />interest at the
<br />rate
<br />of 1.2% per antrum
<br />on all bonds from May
<br />1, 1961
<br />to Rugust 1, 1962,
<br />with
<br />bonds maturing in the years
<br />1973 -through
<br />1981
<br />subject -to
<br />redemption
<br />and prepayment at the
<br />Village's
<br />option, in inverse
<br />numerical
<br />order, on
<br />
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