1974.03.18 CC Minutes - Laserfiche WebLink

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The Council then proceeded to consider-such bids. After the bids had been considered and discussed, member Lease introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF GENERAL OBLIGATION SANITARY SEWER IMPROVEMENT BONDS OF 1974 PROVIDING FOR THEIR ISSUANCE BE IT RESOLVED by the Council of the City of Hugo, Minnesota, as follows: 1. That the bid of Allison-Williams Company to purchase $850,000 General Obligation Sanitary Sewer Improvement Bonds of 1974 of the City, in accordance with the notice of bond sale, at the rates of interest herein- after set forth, . and to pay therefor the sum of $ 336,757.56 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 as to principal and interest at the American national Bank and Trust Company, in St. Paul , Minnesota _, or any successor Paying Agent duly appointed by the City. 2. The $850,000 negotiable coupon general obliga- tion bonds of the City shall be dated April 1, 1974 and shall be issued forthwith. Said bonds shall be 170 in number and numbered from 1 to 170 , both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, on April 1 in the years and amounts as follows: $ 25,000 in each of the years 1976 to 1978, both inclusive; $ 30 ,000 in each of the years 1979 to 1981, both inclusive; $ 35,000 in each of the years 1982 and 1983; $ 40,000 in each of the years 1984 to 1986, both inclusive; $ 45,000 in each of the years 1987 and 1988; $ 50,000 in each of the years 1989 and 1990; $ 55,000 in the year 1991; $ 60 ,000 in each of the years 1992 and 1993; and $ 65,000 in each of the years 1994 and 1995 • -2-