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RESOLUTION NO. 6781
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $425,000 GENERAL OBLIGATION
BONDS OF 1980.
BE IT RESOLVED by the City Council of the City of Stillwater, Minnesota, as
follows:
Section 1. Recitals and Bond Authorization
1.01. It is hereby determined to be necessary and expedient for the City to
issue and sell its General Obligation Corporate Purpose Bonds of 1980, Series B,
in the principal amount of $140,000 to finance various capital projects within
the City, pursuant to Section 200 of the City Charter and Minnesota Statutes,
Section 475.52 and 475.58.
1.02. This Council has heretofore ordered the local improvements designated
below to be constructed in the City and has entered or will soon enter into a
contract for the construction of each of said improvements, under and pursuant to
Minnesota Statutes, Chapter 429, the designation and estimated total cost of each
of said improvements being as follows:
Project Designation ELmated Cost
166 - South Main Parking Lot $196,170
166 - Storm Sewer 42,101
166 - Street Alignment 44,347
Total $282,618
It is hereby determined to be necessary and expedient for the City to issue and
sell its General Obligation Improvement Bonds of 1980, Series B, in the principal
amount of $285,000 to finance the cost of said improvements, pursuant to Minnesota
Statutes, Chapter 429.
1.03. It is hereby determined to be necessary and in the best interest of the
City to proceed with the public sale of $425,000 General Obligation Bonds of 1980
of the City on an all or nothing basis, which includes both the Corporate Purpose
Bonds and the Improvement Bonds described above.
Section 2. Terms of Sale; Notice. Springsted Incorporated, bond con-
sultant to the City, has presented to this Council a form of Official Terms of
offering 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 Offering are hereby adopted as the terms and
conditions of said bonds and of the sale thereof, and shall be made available to
all prospective purchasers of the bonds. The City Clerk is authorized and directed
to cause the Notice of Sale to be published once in the official newspaper of the
City, and once in the Commercial West, a financial periodical published in
Minneapolis. at least ten days before the date of the sale specified in the Notice
of Sale.
3. Date of Sale. This Council shall meet on Wednesday, May 28, 1980, at
6:30 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 May, 1980.
Published: May 9, 1980
Attest: .�.-rAy ,P-
City Clerk
Mayor
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