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<br /> Councilman Rebelein introduced the following resolution
<br /> and moved its adoption:
<br /> RESOLUTION NO. 681
<br /> RESOLUTION AWARDING SALE AND FIXING THE FORM
<br /> AND SPECIFICATIONS OF $l,200,OOO TEMPORARY
<br /> IMPROVEMENT,BONDS OF 1969, PROVIDING FOR THEIR
<br /> EXECUTION AND DELIVERY AND CREATING FUNDS
<br /> FOR THEIR PAYMENT
<br /> BE IT RESOLVED by the Village Council of the Village of
<br /> New Brighton, Minnesota, as follows:
<br /> 1. All action heretofore taken in connection with the
<br /> issuance and sale of $l,200,OOO Temporary Improvement Bonds of 1969,
<br /> is hereby ratified and confirmed, and the sale thereof is awarded to
<br /> The First National Bank of St. Paul
<br /> on its bid to purchase bonds bearing interest as follows:
<br /> MATURITY RATE PRINCIPAL AMOUNT INTEREST RATE
<br /> May 1, 1972 $1,200,000 4.70%
<br /> Plus additional interest on all bonds at the rate of 1.50% per annum
<br /> for the period August 1, 1969, to May 1, 1970, represented by extra
<br /> coupons as follows: $3.75 per $1,000 due November 1, 1969, and $7.50
<br /> per $1,000 due May 1, 1970.
<br /> at a price of par, accrued interest and a premium of $None. .
<br /> Said bid is hereby found to be the best bid, and the Mayor and
<br /> Village Manager are hereby authorized and directed to execute
<br /> a contract with the successful bidder and the Treasurer to
<br /> return the good faith checks of all unsuccessful bidders forthwith.
<br /> The bonds shall be numbered serially from 1 upwards and shall be
<br /> in the following denomination{s) :
<br /> Serial Numbers Denomination
<br /> 1-240 inclusive $5,000.00
<br /> 2. Pursuant to Section 429.09l, Subdivision 3,
<br /> Minnesota Statutes, as amended, the Village shall forthwith
<br /> issue its Temporary Improvement Bonds of 1969, in the aggregate
<br /> principal amount of $l,200,OOO, dated May l, 1969, to bear
<br /> interest as above set forth, payable November 1, 1969 and
<br /> semiannually thereafter on May 1 and November 1 until maturity,
<br /> and to mature on May 1, 1972, all bonds being subject to
<br /> redemption and prior payment at the option of the Village at
<br /> any time on or after November l, 1971 at par and accrued interest,
<br /> to pay the costs of Improvements Nos. 69-3 through 69-8, 69-l0
<br /> through 69-l5, 69-l7 and 69-19 through 69-23, both inclusive,
<br /> consisting of acquiring, opening and widening street right of
<br /> way, grading, graveling and surfacing of streets and installation
<br /> of curb and gutter, sanitary sewer, water main and storm sewers
<br /> on various streets in the Village under Chapter 429, Minnesota
<br /> Statutes.
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