HomeMy WebLinkAbout1969-253 CCR 255
After due consideration of bids, Councilman Theodore Willard
introduced the following resolution and moved its adoption:
RESOLUTION NO. 69 -253
RESOLUTION AWARDING THE SALE OF $2,280, 000 GENERAL OBLIGATION
BUILDING AND IMPROVEMENT BONDS AND $755,000 IMPROVEMENT
BONDS
BE IT RESOLVED by the Council of the City of Brooklyn Center, Minnesota
as follows:
1. The bid of Shearson, Hammill Co. Chicago, Illinois to purchase
$2, 280, 000 general obligation bonds of the City described in the notice of sale
thereof is hereby found and determined to be the highest and best bid received
pursuant to duly advertised notice of sale and shall be and is hereby accepted,
said bid being to purchase bonds bearing interest as follows:
6 1/2% for bonds due January 1, 1970 through January 1, 1990
at a price of $2,996,121.65. The City Manager is directed to retain the good
faith check of the successful bidder pending completion of the sale and delivery
of the bonds and to return the checks of the unsuccessful bidders forthwith.
2. From the bond proceeds $1,482,000 shall be credited to the building
fund to pay costs of construction of a civic center, $472,000 shall be credited
to the building fund to pay costs of acquisition and betterment of public buildings
and $296,000 shall be credited to the park fund for costs of acquisition and
betterment of parks and playgrounds and $745,000 shall be credited to the
Special Assessment Fund for payment of costs of the improvements referred to
in Resolution No. 69 -228. The balance shall be allocated to the bond sinking
fund, 75% shall be used for payment of interest on the Building Improvement Bonds
of 1969 and 25% shall be used for payment of interest on the improvement Bonds
of 1969.
June 16, 1969
Date Mayor
ATTEST:
U Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Councilman John Leary and upon vote being taken thereon,
the following voted in favor thereof: Philip Cohen, John Leary,
Earl Rydberg, Howard Heck and Theodore Willard;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.