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<br />RESOLUTION NO. 04-080 <br /> <br />A RESOLUTION AWARDING THE SALE OF $1,265,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2004C <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br /> <br />BE IT RESOLVED By the City Council of the City of New Brighton, Ramsey County, <br />Minnesota (City) as follows: <br /> <br />Section 1. <br /> <br />Sale of Bonds. <br /> <br />1.01. The proposal of Cronin & Company, Inc. (Purchaser) to purchase $1,265,000 <br />General Obligation Improvement Bonds, Series 2004C (Bonds) of the City described in <br />he Terms of Proposal thereof is hereby found and determined to be a reasonable offer <br />d is hereby accepted, the proposal being to purchase the Bonds at a price of <br />$1,264,018.55 plus accrued interest to date of delivery, for Bonds bearing interest as <br />follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2006 2.50% 2011 3.25% <br />2007 2.50% 2012 3.50% <br />2008 3.00% 2013 3.50% <br />2009 3.00% 2014 3.50% <br />2010 3.00% 2015 3.60% <br />rue interest cost: 3.3613% <br /> <br /> <br />1.02. The sum of $11 ,668.5 5 being the amount proposed by the Purchaser in excess of <br />1,252,350 will be credited to the Debt Service Fund hereinafter created. The City <br />inance Director is directed to retain the good faith check of the Purchaser, pending <br />ompletion of the sale of the Bonds, and to return the good faith checks of the <br />successful proposers forthwith. The Mayor and City Manager are directed to execute a <br />ontract with the Purchaser on behalf of the City. <br /> <br />1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />hapter 429 (Act) in the total principal amount of$I,265,000, originally dated October 1, <br />004, in the denomination of $5,000 each or any integral multiple thereof, numbered No. <br />.1, upward, bearing interest as above set forth, and maturing serially on February 1 in <br />e years and amounts as follows: <br />