05-28-74 Special Mtg. - Laserfiche WebLink

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1497' 2. The $145,000 negotaab1e coupon general obligation bonds of the City shall be dated July 1, 1974 and shall be issued forthwith. Said bonds shall be 29 in number and numbered from 1 to 29, both inclusive, in the denomination 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: $10,000 in the year 1976; and $15,000 in each of the years 1977 to 1985, both inclusive. 3. Said bonds shall provide funds for the construction of park- ing improvements in the City in accordance with Minnesota Statutes, Section 459.14. The total cost of said improvements, including the cost of con- struction under the terms of the lowest bid received, 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 in- curred and to 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 auth~ized. Work on the improvements shall proceed with due diligence to completion. I~' ! I 4. The bonds of said issue maturing in 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 respective rates per annum set opposite said maturity years and serial numbers: Maturity Years Serial Numbers Interest Rate 1976-80 1981 1982 1983 1984 1985 1-14 15-17 18-20 21-23 24-26 27-29 5.00% 5.10% 5.20% 5.25% 5.30% 5.40% I' i 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 No. $ S,OOO GENERAL OBLIGATION PARKING IMPROVEMENT 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 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 per cent ( %) per annum, payable on the first day of July 1, 1975 and semiannually thereafter on the first day of January and the first day of r~. July in each year, in accordance with and upon presentation and surrender l. 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 legal tender for public and private debts. This bond is one of an issue in the total principal amount of $145,000 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