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7/17/2007 9:13:07 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
6994
Resolution Title
Accepting Bid on Sale of $2,415,000 General Obligation Improvement Bonds, Series 10 Providing for their Issuance and Levying a Tax for the Payment Thereof
Resolution Date Passed
8/11/1980
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<br />The Council then proceeded to consider and discuss <br />the bids, after which member ~l. introduced <br />the following resolution and moved Its ~doption: <br />a.aol\l~1oA tIo. "'4 <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$2,415,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 10 <br />PROVIDING FOR THEIR ISSUANCE AND LEVYING <br />A TAX FOR THE PAYMENT THEREOF <br /> <br />BE IT RESOLVED by the Council of the City of <br />Roseville, Minnesota, as follows: <br />'fbe 1'1nt. ilIattaMl auk of saJ.Dt <br />1. The bid of Iau.1 ad ~tM to <br />purchase $2,415,000 General Obligation Improvement Bonds, <br />Series 10 of the City, in accordance with the notice of bond <br />sale, at the rates of interest hereinafter set forth, and to <br />pay therefor the sum of $ 2,Jn,771.50 is hereby found, <br />determined and declared to be the most favorable bid received, <br />and is hereby accepted and the bonds are hereby awarded to said <br />bidder. The City Manager is directed to retain the deposit of <br />said bidder and to forthwith return the good faith checks or <br />drafts to the unsuccessful bidders. The bonds shall be payable <br />as to principal and interest at ~ rinlt ..tioaal iaDk of ..bat JWal <br />iD St.. PaW., JIUm1n~ , or any successor paying agent <br />duly appointed by the City. <br /> <br />2. The $2,415,000 negotiable coupon general obliga- <br />tion bonds of the City shall be dated September 1, 1980 and <br />shall be issued forthwith. The bonds shall be .483 in number <br />and numbered from 1 to 483, both inclusive, in the denomination <br />of S5,000 each. The bonds shall mature serially, lowest <br />numbers first, on September 1 in the years and amounts as <br />follows: <br /> <br />$100,000 in each of the years 1982 to 1984; <br />$150,000 in each of the years 1985 to 1988; <br />$130,000 in each of the years 1989 to 1991; and <br />$125,000 in each of the years 1992 to 2000. <br />All dates inclusive. <br /> <br />3. The bonds shall provide funds for the construction of <br />various improvements in the City. The total cost of the <br />improvements, which shall include all costs enumerated in <br />Minnesota Statutes, Section 475.65, is estimated to be at least <br />equal to the amount of the bonds herein authorized. Work on <br />the improvements shall proceed with due diligence to <br />completion. <br />
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