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<br /> an amount not less than $2,216,000 ($1,200,000 with respect to the <br /> Temporary Water Improvement Bonds plus $1,016,000 with respect to <br /> the Temporary Improvement Bonds) plus accrued interest on the entire <br /> principal amount of Bonds. <br /> The bid offering the lowest net interest cost will be deemed <br /> the most favorable. Bids providing a total net interest cost greater <br /> than $252,000 with respect to the Temporary Water Improvement Bonds <br /> (7% per annum on $1,200,000 to maturity) or greater than $213,360 with <br /> respect to the Temporary Improvement Bonds (7% per annum on $1,016,000 <br /> to maturity) will not be considered. Net interest cost will be com- <br /> puted by adding the amount of any discount ($2,255,000 less amount of <br /> purchase price) to, or subtracting the amount of any premium (excess <br /> of purchase price over $2,255,000) from, the total interest coupons <br /> from date of the bonds to the stated maturity. Discount or premium <br /> will be allocated ratably to the Temporary Water Improvement Bonds <br /> and to the Temporary Improvement Bonds in accordance with the princi- <br /> pal amount of each series. <br /> CUSIP numbers will be obtained and printed on the Bonds only <br /> at the request and expense of the purchaser. The issuer assumes no <br /> obligation with respect to the accuracy of any CUSIP numbers printed. <br /> Bidders are asked but not required to state total and rate of average <br /> annual net interest cost. Oral auction bids will not be received. <br /> The right to waive any informality and the right to reject any and <br /> all bids are reserved. <br /> BY ORDER OF THE CITY COUNCIL <br /> Vernon Pederson <br /> City Clerk <br /> 803 - 5th Avenue N.W. <br /> New Brighton, Minnesota <br /> Further information may be <br /> obtained from: <br /> Mr. P~rry Copeland <br /> 806 W; County Road D <br /> Suite 132 <br /> New Brighton, Minnesota 55112 <br /> (612 ) 633-9326 <br />