1991 Receipts, Disb., Resolutions & Minutes

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.e,r .-,'" ..". .-,.' .1.02. The offer of Cronin & ComDanv. Inc. (Purchaser) to purchase $310,000 General Obligation Improvement Bonds. Series 1991A (Boads) of the City described 111 the Official Notice of Sale thereof is .hereby found and determined to be the highest and best bid received pursuaDt to duly advertised notice of sale and "shall b. aDd i8 hereby accepted, the bid being to purchase the BODds at a price of $ 306.993.00 plus accrued iDterest to date of delivery. for BODds beariDI iDterest a8 follows: Year of Maturity Interest Rate Year of Maturity Interese Rate 1993 1994 1995 5.601 5.801 6.001 1996 1997. 6.20S 6.40S Net effective interest rate: 6.39561 1.03 . The SUIIl of $ 50.00 beiDg t~e amount bid by tbe Purchaser 111 excess of $30"6,943 will b. credited to the Debt Service Fund here:1Dafter created. The City Clerk 18 directed to deposit the lood faith check of the Purchaser, pending completion of the sale of the Boads, aDd to return the lood faitb checks of the uDsuccessful bidders forthwith. The Kayor aDd City Clerk are directed to execute a. coatract with the Purchaser OD bebalf of the Ci~. 1.04. The City will forthwith issue and sell the BoDeIs in the total riDeipal ..ount of $310,000, orig1Dally dated August 1, 1991, :I.D the denomiDa- . cion of $5,000 each or allY :l.Dcep'alllu1t1ple thereof, Dumbered Ho. a-1, upward, bear1D1 :l.Dt.rest a8 above see forth, aDcI which mature serially 011 February 1 111 the y.ar~ aDd amoUDts a8 follows: !.!!!: AmouDt !!!!: Amount 1993 1994 1995 $S5,OOO 60.000 65.000 1996 1997 $65,000 65,000 1.04. 01't1oaal Rede1ll11eion. The City may .lece OIl February 1. 1994 aDd OIl any payment date thereafter to prepay' Boads 1I8turma OD or after February 1, 1995. Redemption may be in whole or :I.D part of the Bonds subject to prepayment. If redemption is in pare, those Bonds rema1l1ml unpaid whicb have the latesc maturity date will be prepaid first. If oaly part of the Bonds havml a common maturity date are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Relistrar. All payments will be at a price of par plus accrued interest. Section 2. Registration and Payment. 2.01. Registered Form. The Boads shall be issued only ill fully registered form. Th~ interest thereon and, upon surrender of each Bond. the principal Dount thereof, is payable by check or draft issued by the Registrar described erein.