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1998 Resolutions
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<br />Plus Allowance for Discount Bidding (an interest <br />cost - approximately $12.50 per 1,000) <br /> <br />TOTAL BOND ISSUE <br /> <br />(c) it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue approximately $ 720, oo~eneral Obligation Sewer and Water <br />Revenue Bonds, Series 1998 (Bonds) p~suant to the Act to provide financing for the <br />Project. <br /> <br />1.02. The proposal of Cronin & Company, Inc. (Purchaser) to <br />purchase $ 720,,000 General Obligation Sewer and Water Revenue Bonds, Series 1998 <br />(Bonds) of the City described in the Terms of Proposal thereof is found and determined to be a <br />reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of <br />$ plus accrued interest to date of delivery, for Bonds bearing interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturi tv Rate <br />2000 4.10% 2005 4.50% <br />2001 4.15% 2006 4.60% <br />2002 4.20% 2007 4.70% <br />2003 4.30% 2008 4.75% <br />2004 4.40% 2009 4.80% <br />True interest cost: ~.7661% <br /> <br />1.03. The sum of $ 1,591.00 being the amount proposed by the Purchaser in excess <br />of $ 711 ,065 . 00 will be credited to the Debt Service Fund hereinafter created. The City <br />Clerk is directed to deposit the good faith check of the Purchaser, pending completion of the sale <br />of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The <br />Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of <br />the City. <br /> <br />1.04. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />Section 444.075 (Act), in the total principal amount of $ 720,000 , originally dated <br />July 1, 1998, in the denomination of $5,000 each or any integral multiple thereof, numbered No. <br />R -1, upward, bearing interest as above set forth, and maturing serially on February 1 in the years <br />and amounts as follows: <br /> <br />DJK144119 <br />CE1SS-13 <br />
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