05-28-74 Special Mtg. - Laserfiche WebLink

Home Browse Search

1493 2. The $395,000 negotiable coupon general obligation bonds of the City shall be dated July 1, 1974 and shall be issued forthwith. Said bonds shall be 79 in number and numbered from 1 to 79, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest num- bers first, without option of prepayment, on January 1 in the years and amounts as follows: $35,000 in the year 1976; and $40,000 in each of the years 1977 to 1985, both inclusive. 3. Said bonds shall provide funds for the construction of various improvements in the City. The total cost of said improvements, including _I the cost of construction under the terms of the lowest bid received. engin- eering, legal and other professional charges, publication and printing costs interest accruing on money borrowed for the improvements before the collec. tion of special assessments levied therefor, and all other costs necessarily incurred and to be incurred from the inception to the completion of the im- provements, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the improvements shall proceed with due dili- gence to completion. 4. The bonds of said issue maturing ih the years and bearing the serial numbers set forth below shall bear interest, payable July 1, 1975 and semiannually thereafter on January 1 and July 1 of each year, at the respec- tive rates per annum set opposite said maturity years and serial numbers: Maturity Years 1976-80 1981 1982 1983 1984 1985 Serial Numbers Interest Rate 1-39 40-47 48-55 56-63 64-71 72-79 5.00% 5.10% 5.20% 5.25% 5.30% 5.40% 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 il No. $ IMPROVEMENT BOND OF.1974 KNOW ALL MEN BY THESE PRESENTS that the City of Hastings, BAkota County, Minnesota, certifies 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 first day of January, 19__and to pay interest thereon from the date hereof until the principal is paid at the rate of pat' cent ( %) per annum, payable on the first day of July, 1975 and semiannually thereafter on the first day of January and the first day of July 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 or any successor Paying Agent duly appointed by the City, in any coin or currency of the United States of America which at the time of payment is~t legal tender for public and private debts. r --J This bond is one of an issue in the total principal amount of $395,000 all of like date and tenor, except as to serial number, maturity and interest rate, which bond has been issued pursuant to and in full con- formity with the Constitution and laws of the State of Minnesota for the purpose of pro- viding money for various improvements, and is payable out of the Improve- ment Bonds Common Fund of the City.