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<br />r t <br /> <br />, , <br />".!~ I"' <br /> <br />After due consideration of the proposals, Member Kim Moore-Sykes then <br /> <br />. troduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NOP4-079 <br /> <br />A RESOLUTION AWARDING THE SALE OF $2,385,000 <br />TAXABLE GENERAL OBLIGATION TAX INCREMENT <br />BONDS, SERIES 2004B; <br />FIXING THEIR FORM AND SPECIFICA nONS; <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 <br />ounty, Minnesota (City) as follows: <br /> <br /> <br />Sale of Bonds. <br /> <br />.01. The proposal of Cronin & Company, Inc. (Purchaser) to purchase $2,385,000 <br />axable General Obligation Tax Increment Bonds, Series 2004B (Bonds) of the City <br />escribed in the Official Terms of Proposal thereof is found and determined to be a <br />easonable offer and is accepted, the proposal being to purchase the Bonds at a price of <br />2,369,800.28 plus accrued interest to date of delivery, for Bonds bearing interest as <br />ollows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2006 3.00% 2014 4.75% <br />2007 3.1 0% 2015 5.00% <br />2008 3.40% 2017 5.00% <br />2009 3.65% 2020 5.10% <br />2010 3.90% <br />2011 4.15% <br />2012 4.35% <br />2013 4.55% <br />rue interest cost: 4.7093% <br /> <br />1.02. The sum of$ being the amount proposed by the Purchaser in excess <br />of $ will be credited to the Debt Service Fund hereinafter created. The City <br />Finance Director is directed to retain the good faith check of the Purchaser pending <br />completion of the sale of the Bonds, and to return the good faith checks of the <br />unsuccessful proposers forthwith. The Mayor and City Manager are directed to execute a <br />contract with the Purchaser on behalf of the City. <br /> <br />SJB-252 Ov I <br />NE136-1 <br />