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<br />" <br /> <br />. <br /> <br />. <br /> <br />, <br /> <br />TYPE OF BID <br /> <br />Sealed bids of not less than $1,733,300 and accrued <br />interest on the principal sum of $1,765,000 from date of bonds <br />to date of delivery must be filed with the undeJ:signed prior <br />to the time of sale, together with a certi(ied or cashier's <br />check in the amount of $35,300 payable to the order of the <br />Treasurer of the issuer, to be forfeited as liquidated <br />damages if bidder fails to comply with accepted bids. Bids <br />for the bonds should be addressed to Charlotte McNiesh, Clerk <br />Administrator, City Hall, 1450 West Highway 96, Arden Hills, <br />Minnesota 55112. <br /> <br />RATES <br /> <br />All rates and combination of rates must be in inte(jJ1"al <br />multiples of 1/2Oth of 1% and may not exceed 7% per annum. <br />Additional interest coupons may not be used. NO limitation <br />is placed on the number of rates which may be used. All ~onds <br />of a single maturity shall bear a uniform basic rate of <br />interest from date of issue until paid and the basic rate <br />of interest payable on each bond of the issue must not exceed <br />the basic rate of interest payable on other bonds of the <br />same or subsequent maturities. <br /> <br />AWARD <br /> <br />Award will be made on the basis of lowest dollar interest <br />cost, determined by addition of any discount to and deduction <br />of any premium from the total interest on all bonds from <br />their date of their stated maturity. The net effective <br />average rate of the. issue may not exceed 7% per annum. <br /> <br />The issuer reserves the right to reject any and all <br />bids, to waive informalities, and to adjourn the sale. <br /> <br />Dated: August 29, 1977 <br /> <br />BY ORDER OF THE CITY OOUNCIL <br /> <br />Charlotte McNiesh <br />City Clerk Administrator <br />