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RESOLUTION NO. 6718
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $885,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1980.
BE IT RESOLVED by the Council of the City of Stillwater, Minnesota, as follows:
1. Bond Authorization. This Council has heretofore ordered the local
improvements designated below to be constructed in or acquired by the City, and
has contracted or will contract for the construction or acquisition of each said
improvement, pursuant to Minnesota Statutes, Chapter 429. The designation and
estimated total cost of such improvements is as follows:
Project Designation
152 - Coopers Addition
167 - Lookout
175 - Rainbow Court
171 - 63rd Street
173 - N. W. Industrial Park
Estimated Cost
$174,769
58,583
52,259
307,290
377,121
Total $970,022
It is hereby found and determined that it is necessary and expedient for the City
to issue and sell its Improvement Bonds of 1980 in the principal amount of
$870,787 to finance the cost of said improvements, pursuant to Minnesota Statutes,
Chapter 429; and to obtain the best bid for said bonds at public sale, to sell
and issue an additional $14,213 principal amount of like bonds representing interest
together with said bonds, pursuant to Minnesota Statutes, Section 475.56.
2. Terms of Sale; Notice. Springsted Incorporated, bond consultant to the
City, has presented to this Council a form of Official Terms of Bond Sale and a
form of Notice of Sale for publication, which are attached hereto and shall be
placed on file in the office of the City Clerk. Each and all of the provisions
of the Official Terms of Bond Sale are hereby adopted as the terms and conditions
of said bonds and of the sale thereof, and shall be made available to all pros-
pective purchasers of the bonds. The City Clerk is authorized and directed to
cause the Notice of Sale to be publishced once in the official newspaper of the
City, and once in the Commercial West, a financial periodical published in Minneap-
olis, at least ten days before the date of sale specified in the Notice of Sale.
3. Sale Date. This Council shall meet on Tuesday, December 4, 1979, at
7:30 P. M., to receive, open and consider sealed bids for the purchase of the
bonds, and to take such action thereon as is deemed in the best interests of the
City.
Adopted by the Council this 6th day of November, 1979.
Published: November 13, 1979
Attest:
City Clerk
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Mayor
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