06-16-70 Special Mtg. - Laserfiche WebLink

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535 2. The $100,000 negotiable coupon general obligation water revenue bonds of the City shall be dated July 1, 1970 and shall be issued forthwith. Said bonds shall be 20 in number and numbered from 1 to 20, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, without option of prepayment, on July 1 in the years and amounts as follows: $5,000 in the 1972, $10,000 in each of the years 1973 to 1977, both inclusive; and $15,000 in each of the years 1978 to 1980, both inclusive. '-, 3. Said bonds are issued to provide funds for the expansion project, including the cost of construction under the terms of the low- est bid received for each phase thereof, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the project before the collection of taxes and revenues, and all other costs necessarily incurred and to be incurred from the inception to the completion of the project, 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 January 1, 1971 and semiannually thereafter on July 1 and January 1 of each year, at the respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate ,.---. 1972 1973 1974 1975 1976 1977 1978 1979 1980 1 2-3 4-5 6-7 8-9 10-11 12 -14 15-17 18-20 5.40% 5.50% 5.75% 5.80% 5.90% 6.00% 6.10% 6.20% 6.30% 5. The bonds and interest coupons to be issued hereunder shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA DAKOTA COUNTY CITY OF HASTINGS $5,000 No. , ,. GENERAL OBLIGATION I , '~ATER REVENUE BOND OF 1970 KNOW ALL MEN BY THESE PRESENTS that the City of Hastings, Dakota County, Minnesota, certified that it is indebted and for value received promises to pay to bearer, without option of prepayment, the sum of FIVE THOUSAND DOLLARS ,---- on the hereof ( semiannually thereafter on the first day of July and the first day of January in each year, in accordance with and upon presentation and surrender of the interest coupons hereto attached, as the same severally become due. Both principal and interest are payable at the main office of the North- western National Bank of Minneapolis, Minnesota in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. first day of July, 19 and to pay interest thereon from the date until the principal is paid at the rate of per cent %) per annum, payable on the first day of January, 1971 and This bond is one of an issue in the total principal amount of $100,000 all of like date and tenor, except as to maturity and interest rate, which bond has been issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota for the purpose of