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<br />256
<br />
<br />1. '!he bid of M.H. Novick & Co. Inc. to purchase $305,000 General
<br />Cbligation Improvement Bonds of 1980, Series A of the City, in accordance
<br />with the notice of bond sale, at the rates of interest hereinafter set forth,
<br />and to pay therefor the sum of $305,000.00 is hereby found, determined and
<br />declared to be the roost favorable bid received, and is hereby accepted and the
<br />bonds are hereby awarded to said 1!>d..dder. '!he Clerk-Treasurer is directed to
<br />retain the depCEi t of said bidder and to forth wi th return the good faith checks
<br />or drafts to the unsuccessful bidders. '!he bonds shall be payable as to prin-
<br />cipal and interest at Fidelity Bank and Trust Canpany, in Minneapolis, Minn.,
<br />or any successor paying agent duly appointed by the City.
<br />
<br />2. '!he $305,000 negotiable coupon general obligation bonds of the City
<br />shall be dated July 1, 1980 and shall be issued forthwith. '!he bonds shall be
<br />61 in number and nuni>ered fran 1 to 61, both inclusive, in the denanination
<br />of $5,000 each. '!he bonds shall mature serially, lcmest nurrbers first, without
<br />option of prepayroont, on January 1 in the amounts and years as follows:
<br />
<br />$25,000 in 1982;
<br />$35,000 in each of the years 1983 to 1985;
<br />both inclusive;
<br />$80 , 000 in 1986;
<br />$40,000 in 1987;
<br />$20 , 000 in each of the years 1988 and 1989; and
<br />$15,000 in 1990.
<br />
<br />3. '!he bonds shall provide funds for the construction of various
<br />improvements in the City. The total cost of the improvements, which shall in-
<br />clude all costs enumerated in Minnesota Statutes, Section 475.65, is estimated
<br />to be at least equal to the amount of the bonds herein authorized. Work on
<br />the improvements shall proceed with due diligence to canp~ion.
<br />
<br />4. '!he bonds shall mature in the years and bear the serial nurrbers
<br />set forth belcm, and shall bear interest payable July 1, 1981 and semiannually
<br />thereafter on January 1 and July 1 of each year at the respective rates per
<br />annum set oppCEi te the ma turi ty years and serial numbers:
<br />
<br />Maturity Years
<br />
<br />Serial Nurrbers
<br />
<br />Interest Rate
<br />
<br />1982 1 - 5 7.25%
<br />1983 6 - 12 7.25%
<br />1984 13 - 19 6.80%
<br />1985 20 - 26 5.75%
<br />1986 27 - 42 5.90%
<br />1987 43 - 50 6.00%
<br />1988 51 - 54 6.00%
<br />1989 55 - 58 6.10%
<br />1990 59 - 61 6.20%
<br />
<br />5. The bonds and interest coupons to be issued hereunder shall be in
<br />substantially the follcming form:
<br />
<br />UNITED STATES OF AMERICA
<br />STATE OF MINNESaI'A
<br />DAKarA AND WASHIIDTON CXXJNTIFS
<br />CITY OF HASTIN:JS
<br />
<br />No.
<br />
<br />$5,000
<br />
<br />GENERAL CBLIGATIrn IMPROVEMENT
<br />InID OF 198:>, SERIFS A
<br />
<br />Kra ALL PERSCNS BY 'lHE8E PRESEN'ffi that the City of Hastings, Dakota
<br />and Washington Counties, Minnesota, certifies that it is indebted and for value
<br />received pranises to pay to bearer, without the option of prepayroont, the
<br />principal sun of
<br />
<br />FIVE 'IHOOSAND OOLLARS
<br />I
<br />on the first day of January, 19 and to pay interest thereon fran tJie date
<br />hereof until the princ:i.pal is paid at the rate of per, cent ( %) per
<br />annum, payable on the ftrst day of July, 1981 and saniannually thereafter on
<br />the first day of January and the first day of July in each year, interest to
<br />maturi ty being represented" by and payable in accordance with and upon presen-
<br />tation and surrender of the interest coupons hereto attached, as the same severally
<br />becooe due. Both principal and interest are payable at ,
<br />or any successor paying agent duly appointed by tb,e City, in any coin or currency
<br />of the United States of America which at the time of payroont is legal tender for
<br />public and private debts.
<br />
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