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<br />!', 1 <br /> <br />. . <br /> <br />After due consideration of the proposals, Member Kimberlai Moore-Sykes then <br /> <br />introduced the following resolution, and moved its adoption: <br /> <br />RESOLUTION NO. 03-074 <br /> <br />A RESOLUTION AWARDING THE SALE OF $1,360,000 <br />GENERAL OBLIGATION EQUIPMENT C R TIFICA TES <br />OF INDEBTEDNESS, SERIES 2 03B; <br />FIXING THEIR FORM AND SPECIFI ATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR P AMENT <br /> <br />BE IT RESOLVED By the City Council of the City 0 New Brighton, Ramsey County, <br /> <br />Minnesota (City) as follows: <br /> <br />Section 1. <br /> <br />Sale of Certificates. <br /> <br />1.01. The proposal of Wells Fargo Brokerage Servic s, LLC in Minneapolis, Minnesota <br />(Purchaser) to purchase $1,360,000 General Obligation Equi ment Certificates of Indebtedness, <br />Series 2003B (Certificates) of the City described in the Tenn of Proposal thereof is detennined <br />to be a reasonable offer and is accepted, the proposal being t purchase the Certificates at a price <br />of $1,357,280.00 plus accrued interest to date of delivery, for Certificates bearing interest as <br />follows: <br /> <br />1. 00% <br />1.25% <br /> <br /> <br />Interest <br />Rate <br /> <br />Year of <br />Maturity <br /> <br />Interest <br />Rate <br /> <br />2004 <br />2005 <br /> <br />1.65% <br /> <br />True interest cost: 1.6365% <br /> <br />1.02. The sum of $8,160.00 being the amount pro osed by the Purchaser in excess of <br />$1,349,120 is credited to the Debt Service Fund hereinafter created. The City Finance Director <br />is directed to retain the good faith check of the Purchaser, ending completion of the sale of the <br />Certificates, and to return the good faith checks of the un uccessful proposers forthwith. The <br />Mayor and City Manager are authorized and directed to exe ute a contract with the Purchaser on <br />behalfofthe City. <br /> <br />1.03. The City will forthwith issue and sell the Certificates pursuant to Minnesota <br />Statutes, Chapter 412 (Act) in the total principal amo nt of $1,360,000, originally dated <br />November 1, 2003, in the denomination of $5,000 eac or any integral multiple thereof, <br /> <br />SJB-238958vl <br />NE136-188 <br />