HomeMy WebLinkAboutResolution - 1054 - $2,150,000 Bond Sale - award - 11/04/1975 RESOLUTION NO. 1054
RESOLUTION AINARDIsIG SALE OF $2,150,000 GENERAL
OBLIGATION BONDS AiJD CERTIFICATES OF IN'DEBTEDNIESS
BE IT RESOLVED by the City Council of the City of Eden Prairie, Minne-
sota , that the bid of Banc Northwest, of Minneapolis, Minnesota
and associates named therein to purchase S1 ,000,000
Gen_rai Obligation 'Hater and Se:.er Sonds (Series 8) , $900,000 General Obliga-
ti;:: !-.-.provement Bonds and $250,000 Certificates of Indebtedness of the City,
all to Fe dated December 1 , 1975, is hereby found and declared to be the bid
most favorable to the City received pursuant to due notice , and should be and
is =reby accepted, said bid being to purchase said obligations at a price of
$2,108,000 plus accrued interest, the obligations maturing in the years
stated b?lo�i to bear interest at the respective rates per annum set forth be-
low opposite such maturity years :
Maturity Years Interest Rate
1976 4.50%
1977 4.75%
1978 5.00%
1979 5.15%
1980 5.30%
1981 5.45%
1982 5.60%
1983 5.80%
1984 6.00%
1985 6.10%
1986 6.25%
1987 6.40%
1988 6.60%
1989 6.70%
1990 6.8001
1991 and 1992 6.90%
The `-:ayor and Clerk are directed to execute in duplicate a contract on the part
of =:,e City for the sale of the obligations and to deliver a duplicate to the
purchasers. The Treasurer is directed to retain the purchasers' check securing
the contract of sale until the obligations are delivered and the purchase price
is raid, and to return the checks securing other bids to the respective bidders .
Mayor
Attest: .-�-�
City Clerk
1