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<br />IW <br /> <br />After due consideration of the proposals, Member <br /> <br />Hoffman <br /> <br />then introduced <br /> <br />the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 01-017 <br /> <br />A RESOLUTION AWARDING THE SALE OF $5,160,000 <br />T A..'CABLE GENERAL OBLIGATION TAX INCREMENT <br />BONDS, SERIES 2001 C; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br /> <br />BE IT RESOLVED By the City Council of the City of New Brighton, Ramsey County, <br />Minnesota (City) as follows: <br /> <br />Section 1. <br /> <br />Sale of Bonds. <br /> <br />1.01. The proposal of Griffin, Kubik, Stephens & Thompson, Inc. (Purchaser) to purchase <br />$5,160,000 Taxable General Obligation Tax Increment Bonds, Series 2001C (Bonds) of the City <br />described in the Official Terms of Proposal contained in the Official Statement for the Bonds <br />thereof is found and determined to be a reasonable offer and is accepted, the proposal being to <br />purchase the Bonds at a price of $5, 115,700.00 plus accrued interest to date of delivery, for Bonds <br />bearing interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />2002 6.00% 2009 6.10% <br />2003 6.00 2010 6.10 <br />2004 6.00 2011 6.20 <br />2005 6.00 2012 6.20 <br />2006 6.00 2013 6.25 <br />2007 6.00 2014 6.25 <br />2008 6.00 2015 6.25 <br />True interest cost: 6.29798% <br /> <br />1.02. The sum of $12,460.00 being the amount proposed by the Purchaser in excess of <br />$5,103,240 will be credited to the Debt Service Fund hereinafter created. The City Finance <br />Director-Clerk is directed to deposit the good faith check of the Purchaser pending completion of <br />the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. <br />The Mayor and City Manager are directed to execute a contract with the Purchaser on behalf of the <br />City. <br /> <br />518-19221OvI <br />NE136.166 <br />