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After bids had been considered and discussed, member <br />Werner Banke introduced the following resolution and <br />moved its adoption: <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$13015,000 ELECTRIC REVENUE BONDS OF <br />1971 AND FIXING INTEREST RATE <br />BE IT RESOLVED by the Public Utilities Commission of <br />the Village of Elk River, Minnesota, as follows: <br />1. That the bid 'of Allison -Williams Company Syndicate <br />in the amount of $ 1,000,607.30 to purchase $1,015,000 Electric <br />Revenue Bonds. of 1971 of the Public Utilities Commission, to <br />be dated November 1, 1971 and in the denomination of $5,000 <br />each, is hereby found, determined and declared to be the most <br />favorable bid received and is hereby accepted, and said .bonds <br />are hereby awarded to said bidder. <br />2. The bonds maturing and bearing the serial numbers <br />set forth below shall bear interest payable November 1, 1972 <br />and semiannually thereafter on May 1 and November 1 of each <br />year at the respective rates per annum set opposite said matur- <br />ity years and serial numbers: <br />Maturity <br />Serial Numbers <br />Interest Rate <br />11/l/72 thru <br />ll/l/76 <br />1 <br />- 38 <br />3.80% <br />5/1/77 thru <br />11/l/80 <br />39 <br />= 81 <br />4.1o% <br />5/l/81'thru <br />11/1/83 <br />82 <br />- 125 <br />4.60% <br />5/l/84 thru <br />ll/l/85 <br />126 — <br />157 <br />4.90% <br />5/1/86 thru <br />5/l/88 <br />158 — <br />203 <br />5.20% <br />3. Said' b ds shall be payable as to principal and <br />interest at <br />The motion for the adoption of the foregoing resolu- <br />tion was . seconded by member Burgoyne and upon a vote <br />being taken thereon, the following voted in favor thereof: <br />Erickson Burgoyne Banke <br />and the following voted against the same: <br />None <br />Whereupon said resolution was declared duly passed <br />and adopted. <br />-2- <br />