Resolution 1497/1498 - Laserfiche WebLink

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, . , 2. The City Council further deems it necessary and expedient to issue Temporary Improvement Bonds of 1975 in the amount of $1,035,000 to finance costs .incurred and to be incurred in connection with Improvements Nos. 75-4, 75-5, 75-6r, 75-7,75-8,75-9, and 75-10, consisting of construction and installation of water mains, sanitary sewer, storm sewers, and concrete curb and gutter and street right-of-way acquisition, opening and bituminous surfacing. The City Council hereby finds and determines that the total estimated cost of the above Improvements is $1,015,978, that each such Improvement has been duly authorized and contracted for, that special assessments will be levied in amounts more than 20% of the cost of the Improvement in each case and that the Council is authorized to issue and sell improvement bonds in an amount not exceeding the estimated cost of the lmprovements plus 2% on the estimated cost as additional interest pursuant to the provisions of Section 475.56, Minnesota Statutes. The Temporary Improvement Bonds of 1975 shall be dated April 1, 1975, shall bear interest payable October 1, 1975 and semiannually thereafter on April 1 and October 1 and shall mature on April 1, 1978, subject to redemption at the option of the City on October 1, 1977 at par plus accrued interest. 3. The City Council shall meet .at the City Hall in said City on Tuesday, March 11, 1975 at 8:00 o'clock P.M. for the purpose of awarding the sale of said bonds. The City Manager and the City Clerk shall receive and open bids at 7:00 o'clock P.M. on the day of sale. The City Clerk is authorized and directed to give notice of sale by publication at least ten days in advance of such meeting in the official newspaper and in Commercial West, a financial paper published in the City of Minneapolis. The notice shall be in substantially the following form: