1974.03.18 CC Minutes - Laserfiche WebLink

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The net effective average rate of interest of the $56,000 General Obligation Fire Equipment Bonds of 1974 , after allocating to this bond issue a pro rata share of the discount for the two bond issues , is _L2_% . The Council then proceeded to consider such bids . After the bids had been considered and discussed, member LaVallp introduced the following resolution and moved its adop ion: RESOLUTION ACCEPTING BID ON SALE OF' $56,000 GENERAL OBLIGATION FIRE EQUIPMENT BONDS OF 1974 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the City of Hugo, Minnesota, as follows: 1. That the bid of All Uon-Wil I jams Company to purchase $56,000 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 $ ,,317 go 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 Tr st Comfy, n�St._Paul . Minnesota , or any successor 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 l_, both inclusive, in the denomination of $ 5000 each., except for bonds numbered from 12 to ________ , both inclusive, which shall be in the denominat on 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 4 1985, both inclusive; and $62000 in the year 1986 . -2-