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<br />'r-4 .p~ The purchase price for the issue shall be specified in <br /> each bid in an amount not less than $675,000 plus accrued inter- <br />S est on the entire principal amount of bonds. ~ -" <br /> Bids shall state a single rate of interest in an inte- <br /> gral multiple of 5/100 of 1% per annum and not exceeding 7% per <br /> annum from the date of issue to maturity. The bid offering the <br /> lowest net interest cost will be deemed the most favorable. <br /> The net interest cost is to be determined by adding the amount <br /> of any discount ($685,000 less amount of purchase price) to, or <br /> subtracting the amount of any premium (excess of purchase price <br /> over $685,000) from, the total interest coupons from the date <br />e of the bonds to stated maturities. Bidders are asked but not <br /> required to state the total and average annual net interest cost. <br /> Oral auction bids will not be received. The right to waive any <br /> informality and the right to reject any and all bids are reserved. <br /> BY ORDER OF THE CITY COUNCIL <br /> Isl Vernon C. Pederson <br /> City Clerk <br /> City of New Brighton <br /> Further information may <br /> be obtained from: <br /> EVENSEN-DODGE, INC. <br /> 1900 Midwest Plaza Building <br /> Minneapolis, Minnesota 55402 <br /> (612) 338-3535 or (800) 828-8200 <br /> outside Minnesota <br />e <br /> . <br /> -3- <br />