HomeMy WebLinkAbout1970-140 CCR After due consideration of bids, Member Howard Heck
introduced the following resolution and moved its adoption:
RESOLUTION NO. 70 -140
RESOLUTION ACCEPTING BID FOR $1,050, 000 GENERAL
OBLIGATION STATE -AID STREET BONDS
BE IT RESOLVED by the Council of the City of Brooklyn Center, Minnesota,
that the bid of The First National Bank of Saint Paul, Minnesota, and Associates
hereafter referred to as "purchasers" for the purchase of $1,050,000 general
obligation State -Aid Street Bonds to bear interest as follows:
Bonds maturing in 1971 to 1975 inclusive, 5.50% per annum;
Bonds maturing in 1976 to 1979 inclusive, 6.00% per annum;
Bonds maturing in 1980 to 1982 inclusive, 6.25% per annum;
Bonds maturing in 1983, 6.30% per annum;
Bonds maturing in 1984, 6.40% per annum;
Bonds maturing in 1985, 6.50% per annum;
Bonds maturing in 1986, 6.60% per annum;
Bonds maturing in 1987, 6.65% per annum;
Bonds maturing in 1988, 6.70% per annum;
Bonds maturing in 1989 to 1991 inclusive, 6.75% per annum,
is hereby deemed, found and determined to be the highest and best bid of a
responsible bidder received after advertised notice of sale and said bid is
deemed to be favorable to the City and it is hereby accepted; said bid being to
purchase said bonds at a total price of $1,030,000.00 plus accrued interest;
and the Mayor and the City Manager are directed to execute with the purchasers
on behalf of the City the purchase agreement submitted by the purchasers and the
Treasurer shall retain the good faith check of said purchasers pending completion
of the sale and delivery of the bonds and the Clerk shall return all other good
faith checks.
August 24, 1970
Date Mayor
ATTEST:
Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Vernon Ausen, and upon vote being taken thereon, the following
voted in favor thereof: Philip Cohen, john Leary, Vernon Ausen and
Howard Heck;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.