79-6069R71
RESOLUTION N0. b069
RESOLUTION AWARDING THE SALE OF $1,300,000
GROSS REVENUE RECREATIONAL FACILITIES BONDS OF 1979
BE IT RESOLVED by the City Council. of the City of Richfield, Minnesota,
as follows:
1. The bid of M. H. Novick & Co., Inc., and others to purchase
$1,300,000 Gross Revenue Recreational Facilities Bonds of 1979 of the City
described in the notice of sale thereof is hereby found and determined to
be the highest and best bid received pursuant to duly advertised notice of
sale and shall be and is hereby accepted, such. bid being to purchase such '
bonds at a price of $1,279,850 plus accrued interest to date of delivery,
such bonds to bear interest as followsc -
5.60% - 1981/82
5.70% - 1983
5.75%. - 1984
5,.80% - 1985
5..90% - 1986.
6.00% - 1987/88
6.10% - 1989
6.20% - 1990
6.25% - 1991
6.30% - 1992/93
6.40% - 1994/.95
6.50% - 1996
6.60% - 1997/98
6.70% - 1999/00
The sum of $4,850, being the amount bid in excess of $1,275,000 shall be credited
to the Capital Expenditure Account in the Golf Course Fund of the City created by
Section 2 of Resolution No. 6059 authorizing the Bonds. The City Clerk-Treasurer
is directed to retain the good faith check of the successful bidder pending com-
pletion of the sale and .delivery of the bonds. The City Clerk-Treasurer is directed
to return the checks of the unsuccessful bidders forthwith.
2. The Bonds shall be issued and sold in accordance with Section 1 of
Resolution No. 6059 authorizing their issuance and sale.
Passed. by the City Council of the City of Richfield, this 4th day of
April, 1979.
ATTEST:
Thomas J. ran City Clerk