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<br />~ <br /> <br />directed to retain the deposit of the Purchaser and to <br />forthwith return to the unsuccessful bidders their good faith <br />checks or drafts. <br /> <br />2. Title; Original Issue Date; Denominations; <br />Maturities. The Bonds shall be titled "General Obligation <br />Improvement Bonds, Series 15", shall be dated March 1, 1989, <br />as the date of original issue and shall be issued forthwith on <br />or after such date as fully registered bonds. The Bonds shall <br />be numbered from R-1 upward. Global Certificates shall each <br />be in the denomination of the entire principal amount maturing <br />on a single date. Replacement Bonds, if issued as provided in <br />paragraph 6, shall be in the denomination of $5,000 each or in <br />any integral multiple thereof of a single maturity. The Bonds <br />shall mature on March 1 in the years and amounts as follows: <br /> <br />Year Amount Year Amount <br />1990 $150,000 1998 $235,000 <br />1991 155,000 1999 250,000 <br />1992 165,000 2000 270,000 <br />1993 175,000 2001 290,000 <br />1994 185,000 2002 310,000 <br />1995 195,000 2003 335,000 <br />1996 210,000 2004 355,000 <br />1997 220,000 <br /> <br />3. Purpose. The Bonds shall provide funds to <br />finance the construction of the Improvements. The total cost <br />of the Improvements, which shall include all costs enumera~ed <br />in Minnesota Statutes, Section 475.65, is estimated to be at <br />least equal to the amount of the Bonds. Work on the <br />Improvements shall proceed with due diligence to completion. <br /> <br />4. Interest. The Bonds shall bear interest payable <br />semiannually on March 1 and September 1 of each year (each, <br />an "Interest Payment Date"), commencing September 1, 1989, <br />calculated on the basis of a 360-day year of twelve 30-day <br />months, at the respective rates per annum set forth opposite <br />the maturity years as follows: <br />