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<br />The Council then proceeded to consider and discuss <br />the bids, after which member C11r1ey' introduced <br />the following resolution and moved its aaoption: <br /> <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$3,420,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT <br />BONDS OF 1981 <br />PROVIDING FOR THEIR ISSUM~CE <br /> <br />BE IT RESOLVED by the Council of the City of <br />Roseville, Minnesota, as follows: <br /> <br />1. . The bid of 'Jhe M'\: NaHnnl'il Bank ()f $A~t PaJll to <br />purchase $3,420,000 Generar-O 19ation Temporary mprovement <br />Bonds of 1981 of the City, in accordance with the notice of <br />bond sale, at the rates of interest hereinafter set forth, and <br />to pay therefor the sum of $ 3 37Q 410.00 (plus a premium of <br />0.00) is hereby found, dete~ined and declared to be the most <br />favorable bid received, and is hereby accepted and the bonds <br />are hereby awarded to said bidder. The City Manager is <br />directed to retain the deposit of said bidder and to forthwith <br />return the good faith checks or drafts to the unsuccessful <br />bidders. The bonds shall be payable as to principal and <br />interest at The First National Bank of Saint Paul, in. St. <br />Paul, Minneso~a ' or any successor paying <br />agent duly appolnted by the City. <br /> <br />. <br /> <br />2. The $3,420,000 negotiable coupon general obliga- <br />tion bonds of the City shall be dated October 1, 1981 and shall <br />be issued forthwith. The bonds shall be 684 in number and <br />numbered from 1 to 684, both inclusive, in the denomination of <br />$5,000 each. All of the banns shall mature on October 1, 1984. <br /> <br />3. The bonds shall provide funds for the construc- <br />tion of various improvements in the City. The total cost of <br />the 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. Workon <br />the improvements shall proceed with due diligence to <br />completion. <br /> <br />4. All of the bonds shall mature on October 1, 1984, <br />bearing the serial numbers 1 through 684, and shall bear <br />interest payable April 1, 1982 and semiannually thereafter on <br />October 1 and April 1 at the rate of Ni.ne and SQ.'1GlR~- percent <br />( 9.75 %) per annum. . Five Hundredths <br /> <br />5. All bonds of this issue shall be subject to <br />redemption and prepayment at the option of the City in inverse <br />order of serial numbers, on October 1, 1982 and on any interest <br />