88-028 RES - Laserfiche WebLink

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~ ,'. j. The Clerk presented to the Council affidavits showing 4It publication of a notice of sale of $1,180,000 General Obligation Improvement Bonds, Series 1988A, of the City, In accordance with the resolution adopted by the City Council on March 21, 1988. The affidavits were examined, found to comply with the requirements of applicable law, and directed to be placed on file. The Clerk then reported that lO sealed bids for the bonds had been received at the time and place designated in the notice of sale. The bids received are described on the schedule attached hereto. Member Gunkel then introduced the following resolution and moved its adoption: RESOLUTION NO. 88-28 . RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $1,180,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1988A BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the Issuer), as follows: Section 1. Authorization and Sale. 1.01. This Council, by resolution duly adopted March 21, 1988, authorized the issuance and sale of General Obligation Improvement Bonds, Series 1988A, of the Issuer, initially dated May 1, 1988, hereinafter called "the Bonds," the proceeds of which are to be used, together with any additional funds of the Issuer which might be required, to finance the costs of certain improvements as described in said resolution of March 21, 1988 (the Improvements). 1.02. Notice of sale of the Bonds has been duly published, and the Council has publicly considered all sealed bids presented in conformity with the notice. The most favorable of such bids is determined to be that of First Bank National Association (the Purchaser), to purchase the Bonds at a price of $ 1,170,088 plus accrued interest to the day of ~ delivery and payment, and upon the further terms and conditions 2 .