05-28-74 Special Mtg. - Laserfiche WebLink

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1501 $35,000 in each of the years 1980 and 1981; $40,000 in each of the years 1982 to 1984, both inclusive; $45,000 in each of the years 1985 and 1986; $50,000 in each of the years 1987 and 1988; $55,000 in the year 1989; $60,000 in each of the years 1990 and 1991; $65,000 in the year 1992; $70,000 in each of the years 1993 and 1994; and $50,000 in the year 1995 3. Said bonds shall privide funds to construct and equip an ice arena and expand the municipal industrial park in the City. The total cost of said project, including the cost of construction under the terms of the lowest bid received, engineering, legal and other profess- ional charges, publication and printing costs, interest accruing on money borrowed for the project before the collection of taxes levied therefore, 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. Work on the project shall proceed with due diligence to completion. 4. The bonds of said issue maturing in the years and bearing the serial numbers set forth below shall bear interest, payable January 1, 1975 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 Rates 1976-80 1-33 5.00% 1981 34-40 5.10% 1982 41-48 5.20% 1983 49-56 5.25% 1984 57-64 5.30% 1985 65T73 5.40% 1986 74-82 5.50% 1987 83-92 5.60% '(1:988 93-102 5.70% l~i'1989 103-113 5.80% 1990 114-125 5.90% 1991-95 126-188 6.00% 5. All bonds of this issue maturing in the years 1988 to 1995 both inclusive (bonds numbered 93 to 188, both inclusive), shall be sub- ject to redemption and prepayment at the option of the City in inverse order of serial numbers, on January 1, 1987 and on any interest payment date thereafter at par and accrued interest. Published notice of redemp- tion shall in each case be given in accordance with law, and at least thirty days prior mailed notice of redemption shall be given to the bank where said bonds are payable and to the last known holders, provided that published notice alone shall be effective without mailed notice. Holders desiring to receive mailed notice must register their names, addresses and bond numbers with the City Clerk. 6. 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 I. l._) No. GENERAL OBLIGATION BOND OF 1974 KNOW ALL MEN BY THESE PRESENTS that the City of Hastings, Dakota County, Minnesota, certifies that it is indebted and for value received promises to pay to bearer the sum of