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<br />. <br /> <br /> <br />. <br />-, , <br /> <br />I <br /> <br /> <br /> <br /> <br /> <br />The purchase price for the issue shall be specified in <br />each bid in an amount not less than $950,000 plus accrued interest <br />on the entire principal amount of bonds. <br /> <br />Bids shall state one rate of interest from the date of <br />issue to maturity for all bonds having a common maturity date. <br />Not more than ten such rates are to be specified, and the maturities <br />of the Bonds may be split not more than. ten ways for the purpose <br />of designating such rates. Extra coupon bids will not be considered. <br />The rate for any maturity shall not be lower than the rate for <br />any prior maturity. The rate for each bond must be in an integral <br />multiple of 5/100 of 1% per annum and not exceeding 7% per annum. <br />The bid offering the lowest net interest cost will be deemed the <br />most favorable. Net interest cost will be determined by adding <br />the amount of any discount ($950,000 less amount of purchase <br />price) to, or subtracting the amount of any premium (excess of <br />purchase price over $950,000) from, the total interest coupons <br />from the date of the bonds to stated maturities. Bidders are <br />asked but not required to state the total and average annual net <br />interest cost. Oral auction bids will not be received. The <br />right to waive any informality and the right to reject any and <br />all bids are reserved. <br /> <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br /> <br />/s/ <br />City Clerk <br />City of New Brighton <br /> <br /> <br />Further information may <br />be obtained from: <br /> <br />T. G. EVENSEN & ASSOCIATES, INC. <br />1910 First National B~nk Building <br />Minneapolis, Minnesota 55402 <br />(612) 338-3535 <br />