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<br />RESOLUTION NO. 03-006 <br /> <br />RESOLUTION AWARDING THE SALE OF $3,170,000 GENERAL <br />OBLIGATION IMPROVEMENT AND WATER REVENUE BONDS, SERIES <br />2003A FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR <br />EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. <br /> <br />BE IT RESOLVED By the City Council of the City of New Brighton, Minnesota (City) <br />in regular meeting assembled as follows: <br /> <br />Section 1. Sale of Bonds. <br /> <br />1.01. It is hereby determined that it is necessary to provide financing for certain <br />assessable public improvements (Improvements) described in Resolution No. 02-100 approved <br />December 10, 2002, and certain improvements to the City's water system (Water <br />Improvements), and to finance those improvements through issuance of the City's $3,170,000 <br />General Obligation Improvement and Water Revenue Bonds, Series 2003A (Bonds). This <br />resolution is intended to supplement Resolution No. 02-100 to the extent any terms therein are <br />inconsistent with the terms of this resolution. <br /> <br />1.02. The proposal of United Bankers' Bank of Bloomington, Minnesota (Purchaser) to <br />purchase the Bonds described in the Terms of Proposal is hereby found and determined to be a <br />reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of <br />$3,153,935.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2004 1.20% 2010 3.30% <br />2005 1.45 2011 3.50 <br />2006 1.80 2012 3.65 <br />2007 2.25 2013 3.80 <br />2008 2.60 2014 3.95 <br />2009 3.00 <br />True Interest cost: 3.2996% <br /> <br />The City Finance Director is directed to retain the good faith check of the Purchaser on behalf of <br />the City pending completion of the sale and delivery of the Bonds, and to return the checks of the <br /> <br />SJB~225775vl <br />NE136-184 <br />