1991 Receipts, Disb., Resolutions & Minutes

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After due consideration of the bids, Member then introduced the following resolution and moved its adoption: RESOLUTION NO. A RESOLUTION AWARDING THE SALE OF $360,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991B; FIXING THE~R FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Centerville, Anoka County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. It is hereby determined that: (a) the following assessable public improvements (the Improvements) have been made, duly ordered or contracts let for the construction thereof, by the City pursuant to the provisions of Minnesota Statutes, Chapter 429 (Act); Project Designation & Description: Flood Reduction Program Construction Contingency Design Engineering Construction Engineering Testing Administration, legal, bonding Subtotal Capitalized Interest, six months Funds Needed Discount Allowance (an interest cost) BOND ISSUE $311,840 30,000 Included Included Included Included $341,840 12,000 $353,840 6, 160 $360,000 (b) it is necessary and expedient to the sound financial management of the affairs of the City to issue $360,000 General Obligation Improvement Bonds, Series 1991B (Bonds) pursuant to the Act to provide financing for the Improvements; (c) to provide financing for the Improvements, the City will issue and sell Bonds in the amount of $353,840. To provide in part the additional interest required to market the Bonds at this time, additional Bonds will be issued in amount of $6,160. the excess of the purchase price of the Bonds over the sum of $353,840 will be credited to the debt service fund for the Bonds for the purpose of paying interest first coming due on the additional Bonds.