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<br /> After due consideration of all bids, Councilman Werdouschagg
<br /> introduced the following resolution and moved its adoption:
<br /> RESOLUTION NO. ,1&31/6t::
<br /> RESOLUTION AWARDING SALE AND FIXING THE TERMS,
<br /> FORM AND SPECIFICATIONS OF $685,000 TEMPORARY
<br /> IMPROVEMENT BONDS OF 1977, PROVIDING FOR
<br /> THEIR EXECUTION AND DELIVERY AND
<br /> CREATING FUNDS FOR THEIR PAYMENT
<br /> BE IT RESOLVED by the City Council of the City of New
<br /> Brighton, Minnesota, as follows:
<br /> 1. All action heretofore taken in connection with the
<br /> issuance and sale of $685,000 Temporary Improvement Bonds of 1977,
<br /> is hereby ratified and confirmed, and the sale thereof is awarded
<br /> to First National Bank of st. paul
<br /> on its bid to purchase bonds bearing
<br /> interest at the rate of 3.8333 % per annum at a price of $
<br /> plus accrued interest. Said bid is hereby found to be the best
<br /> bid, providing an interest rate not exceeding 7% per annum. The
<br /> Mayor and City Manager are hereby authorized and directed to
<br /> execute a contract with the successful bidder and the Treasurer
<br /> is instructed to return the good faith checks of all unsuccessful
<br /> bidders forthwith. The bonds shall be numbered serially from 1
<br /> to 137, both inclusive, and shall be in the denomination of $5,000
<br /> each.
<br /> 2. Pursuant to Section 429.091, Subdivision 3, Minnesota
<br /> Statutes, as amended, the City shall forthwith issue its Temporary
<br /> Improvement Bonds of 1977 in the aggregate principal amount of
<br /> $685,000, dated May 1, 1977, to bear interest as above set forth,
<br /> payable November 1, 1977 and semiannually thereafter on May 1 and
<br /> November 1 until maturity, and to mature on May 1, 1980, all
<br /> bonds being subject to redemption and prior payment at the option
<br /> of the City on May 1, 1979 or November 1, 1979 at par and accrued
<br /> interest, to pay the costs of Improvements Nos. 77-4, 77-5, 77-6
<br /> and 77-7, consisting of local street, water and sewer improvements
<br /> in the City under Chapter 429, Minnesota Statutes.
<br /> 3. BO,th pr}nc:::irHa:L ang. interest shall be payable at the
<br /> .' : \ ~ # ;: ':" i. ,., '~.f .. "" j' f ' ~, t
<br /> main p(?ffi,ce of First National Bank of St. Paul
<br /> inS't. "Pau1 , Minnesota and the City shall pay the reason-
<br /> able charges of said bank for its services as paying agent.
<br /> 4 . The bonds and the interest coupons to be thereto
<br /> attached shall be in substantially the following form:
<br /> UNITED STATES OF AMERICA
<br /> STATE OF MINNESOTA
<br /> COUNTY OF RAMSEY
<br /> CITY OF NEW BRIGHTON
<br /> No. $5,000
<br /> TEMPORARY IMPROVEMENT BOND OF 1977
<br /> KNOW ALL MEN BY THESE PRESENTS That the City of New
<br /> Brighton, Ramsey County, Minnesota, acknowledges itself to be
<br /> indebted and for value received hereby promises to pay to bearer
<br /> on the 1st day of May, 1980, the sum of FIVE THOUSAND DOLLARS, and
<br /> to pay interest thereon from the date hereof until the principal
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