Resolution 897 - Laserfiche WebLink

Home Browse Search

'.. . .. Councilman Nesser introduced the following , ~ resolution and moved its adoption: . . RESOLUTION AWARDING SALE AND FIXING TERMS, FORM AND COVENANTS FOR $1,224,000 WATER FACILITY BONDS, PLEDGING REVENUES FOR THEIR PAYMENT, AND AUTHORIZING ACTION NECESSARY TO THEIR EXECUTION AND PAYMENT BE IT RESOLVED, by the Village Council of the Village of New Brighto~, Minnesota, as follows: 1. All action heretofore taken in connection with the issuance and sale of $1,224,000 Water Facility Bonds of the Village is hereby ratified and confirmed, and the sale thereof is awarded to the First National Bank of Saint Paul on its bid to purchase the bonds bearing interest as follow's: 1971 to 1976 maturities at 4.80%, 1977 and 1978 maturities at 5.20% 1979 and 1980 maturities at 5.60%, 1981 maturities at 5.80%, and 1982 maturities at 5.90% at a price of $1,209,6792cplus accrued interest. Said bid is hereby found to be the best bid and in accordance with the Notice of Bond Sale and law, and the Mayor'and Village Manager shall execute a contract with the successful bidder and the good faith checks of all unsuccessful bidders shall be returned forthwith. The bonds shall be numbered serially from 1 upwards, in chronological order of maturity dates and shall be in the following denomination{s): Serial Numbers Denomination 1 ~ 4 $1,000.00 5 ~ 250 $5,000.00 2. The bonds shall be in the aggregate principal amount of $1,224,000, dated December 1, 1970, bear interest as above set forth payable June 1, 1971 and semiannually thereafter on June 1 and December 1 in each year, and shall mature serially on December 1 in the years and amounts as follows: $94,000 in 1971 $100,000 in 1977 70,000 in 1972 110,000 in 1978 75,000'in 1973 115,000 in 1979 80,000 in 1974 125,000 in 1980 85,000 in 1975 135,000 in 1981 95,000 in 1976 140,000 in 1982 all without option of prior payment.