06-16-70 Special Mtg. - Laserfiche WebLink

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533 1972 19?3 $ -0- 1973 1974 -0- 1974 1975 251 1975 1976 672 1976 1977 1,062 1977 1978 1,421 1978 1979 -0- 1979 1980 -0- r-, Said tax levies are such that if collected in full they, together with estimated collections of special assessments for the payment of said bonds, will produce at least five per cent in excess of the amount needed to meet when due the principal and interest payments on the bonds. Said tax levies shall be irrepealable so long as any of said bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Se. 475.61 (3) M.S.A. For the prompt and full payment of the principal of and interest on said bonds, as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocable pledged. 11. The City Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Dakota County, Minnesota, together with such other information as he shall require, and to obtain from said Auditor his certificate that said bonds have been entered in the said Auditor's Bond Register, and that the tax levy required by law has been made. ,--- 12. The officers of the City are hereby authorized and directed to prepare and furnish to the purshaser of, said bonds, and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records of the City relating to said bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, inclu- ding any heretofore furnished, shall be deemed representations of the City as to the facts recited therein. The motion for the adoption for the foregoing resolution was duly seconded by Councilman Hallberg and upon vote being taken thereon, the following voted in f~vor thereof: All; and the following voted against the same: None. ATTEST: Whe7]on said reso,lutio,n was . ,/'l {;;6..~- City C erk declared duly passed and adopted. /? PO:9 t:/ Mayor The Clerk presented affidavits showing publication of notice of call for bids on $100,000 General Obligation Water Revenue Bonds of 1970 of the City, for which bids were to be received at this meeting, in accordance with the resolution adopted by the City Council on May 4, 1970. Said affidavits were examined, found to comply with the provisions of Minnesota Statutes, Chapter 475, and were approved and ordered placed on file. ,--- The Council proceeded to receive and open bids for the sale of said bonds. The following bids were received: Bidder Coupons 5.40% 1972 5.50% 1973 5.75% 1974 5.80% 1975 5.90% 1976 6.00% 1977 6.10% 1978 6.20% 1979 6.30% 1980 Pri,ce Net Interest Cost $41,695.00 (6.2699%) - Dain, Kalman & Quail, Inc. Allison-Williams Cb. Northwestern Nat'l Bank All of Minneapolis Northwest Nat'l Bank of Hastings $98,575.00