Res 71 - 438 Awarding Sale of $400,000 Improvement Bonds, Series 1971RESOLUTION NO. 438
RESOLUTION AWARDING SALE OF
$400,000 IMPROVEMENT BONDS, SERIES 1971
BE IT RESOLVED by the Village Council of the Village of Men-
dota Heights, Minnesota, that the highest and best bid for the purchase
of $400,000 Improvement Bonds, Series 1971 of the Village, dated Novem-
ber 1, 1971, received pursuant to public advertisement for bids, is
that of the American National Bunk & Trust Company , of
St. Paul , Minnesota , and associates, said bid stating a price
of $395,8€36 and accrued interest, for bonds to be issued in
accordance with the published notice of sale and to bear interest at
the following rates per annum:
Maturity Years Interest Rate
1972 - 1977 4Z
1978 -- 1982 4.6x
1983 - 1984 5.12
1985 5.2x
1986 5.3X
1987 - 1988 5.4%
Said bid is hereby accepted, and said bonds are hereby declared to be
awarded to said bidder. The Mayor and Clerk are hereby authorized to
execute the contract for sale of said bonds to said bidder in behalf
of the Village, and the good faith check of said bidder shall be held
by the Village pending delivery of and payment for the bonds. The
good faith checks of the other bidders shall be returned to them by
the Clerk.
The motion for the adoption of the foregoing resolution was
duly seconded by Member 8d Stringer , and upon vote being taken thereon,
the following voted in favor thereof: all yea
and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted.
Member Bob Lockwood thereupon introduced the following resolu-
tion and moved its adoption: