06-16-70 Special Mtg. - Laserfiche WebLink

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530 Reoffering Schedule of the Purchaser Rate Year Yield 5.40% 1972 5.40% 5.50% 1973 5.50% 5.75% 1974 5.75% 5.80% 1975 5.80% 5. 90% 1976 5.90% 6.00% 1977 6.00% 6.10% 1978 6.10% 6 .20% 1979 6.20% 6.30% 1980 6.30% 6.30% 1981 6.30% fi U The Council then proceeded to consider such bids. After the bids had been considered and discussed, Councilman Driscoll introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $285,000 IMPROVEMENT BONDS OF 1970, SERIES B PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council of the City of Hastings, Minne- sota, as follows: 1. That the bid of Dain, Kalman & Quail, Inc. to purchase $285,000 Improvement Bonds of 1970, Series B of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $280,938.75 (plus of premium of - 0 -) is hereby found, determined and declared to be the most favorable bid received and is hereby accepted and said bonds are hereby awarded to said bidder. The City Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Said bonds shall be payable as to principal and interest at the main office of the North- western National Bank of Minneapolis, in Minneapolis, Minnesota. fi , I l~ 2. The $285,000 negotiable coupon general obligation bonds of the City shall be dated July 1, 1970 and shall be'issued forthwith. Said bonds shall be 57 in number and numbered from 1 to 57, both inclusive, in the de- nomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, without option of prepayment, on January 1, in the years and amounts as follows: $25,000 in the year 1972 $30,000 in each of the years 1973 to 1979, both inclusive; and $25,000 in each of the years 1980 and 1981. 3. Said bonds shall provide funds for the construction of various improvements in the City, as more fully set forth in Exhibit A attached hereto and incorporated herein by reference. The total cost of said improve- ments, including the cost of construction under the terms of the lowest bid received for each phase thereof, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the improvements before the collection of special assessments levied therefor, and all other costs necessarily incurred and to be incurred from the inception to the completion of the improvements, is estimated to be at least equal to the amount of the bonds herein authorized. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable July 1, 1971 ,r-;. ( and semiannually thereafter on January 1 and July 1 of each year, at the I respective rates per annum set opposite said maturity years and serial numbers: L-J Maturity Years 1972 1973 1974 1975 1976 1977 1978 1979 1980-81 Serial Numbers Interest Rate 1-5 6-11 12-17 18-23 24-29 30-35 36-41 42-47 48-57 5.40% 5.50% 5.75% 5.80% 5.90% 6.00% 6.10% 6.20% 6.30%