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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />1.03 It is necessary and desirable to the sound financial <br />management of the City that the City issue and sell its General <br />Obligation State-Aid Road Bonds, Series 1992B (the Bonds) to <br />finance a portion of the costs of the four projects. <br /> <br />Section 2. Sale of Bonds. <br /> <br />2.01 The City shall issue and sell the Bonds, pursuant to <br />Chapters 162 and 475 of Minnesota Statutes. The authorized <br />principal amount of the Bonds shall be One Million Ninety-five <br />Thousand Dollars ($1,095,000). The Bonds shall be issued and <br />sold in accordance with the Terms of Proposal, a copy of which, <br />marked Exhibit A, is attached hereto and made a part hereof. <br />The Bonds shall be issued in amounts and on terms such that the <br />average annual amount of principal and interest due in all <br />subsequent calendar years on the Bonds, including any similar <br />obligations 'of the City which are outstanding, shall not exceed <br />fifty percent (50%) of the amount of the last annual allotment <br />preceding the Bond issue received by the City from the <br />Construction Account in the Municipal State-Aid Street Fund. <br /> <br /> <br />2.02 Springsted is authorized and directed to negotiate on <br />behalf of the City with potential purchasers of the Bonds for <br />the purchase of the Bonds in accordance with the Terms of <br />Proposal. Proposals for the purchase of the Bonds will be <br />received by the City Administrator or his designee on Monday, <br />June 1, 1992, until 11:30 a.m., Central Time, at the offices of <br />SPRINGSTED Incorporated, 85 East Seventh Place, Suite 100, <br />Saint Paul, Minnesota, after which time they will be opened and <br />tabulated. Consideration for award of the Bonds will be by the <br />City Council at 7:00 p.m., Central Time, of the same day. <br /> <br />The motion for the adoption of the foregoing resolution was <br />duly seconded by Councilmember Dietz and upon vote <br />being taken thereon, the following voted in favor of the <br />motion: <br />Vice Mayor Holmgren, Councilmember Kropuenske, Counci1member <br />Dietz <br /> <br />and the following voted against: <br /> <br />None <br /> <br />whereupon said resolution was declared duly passed and adopted. <br /> <br />LAS:DH5a <br /> <br />2. <br />