01-016 - Laserfiche WebLink

Home Browse Search

/-:>fi .. > ~ After due consideration of the proposals, Member Hoffinan then introduced the following resolution and moved its adoption: RESOLUTION NO. 01- 016 A RESOLUTION A WARDING THE SALE OF $1,825,000 GENERAL OBLIGATION TAX INCREMENT BONDS,SERlES 2001B; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of New Brighton, Ramsey County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The proposal of Cronin & Company, Incorporated (Purchaser) to purchase $1,825,000 General Obligation Tax Increment Bonds, Series 2001B (Bonds) of the City described in the Terms of Proposal contained in the Official Statement for the Bonds thereof is found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $1,809,211.70 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 2004 4.00% 2010 4.15% 2005 4.00 2011 4.25 2006 4.00 2012 4.35 2007 4.00 2013 4.50 2008 4.00 2014 4.60 2009 4.00 2015 4.70 True interest cost: 4.4492% 1.02. The sum of $4,286.70 being the amount proposed by the Purchaser in excess of $1,804,925 will be credited to the Debt Service Fund hereinafter created. The City Finance Director-Clerk is directed to deposit the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The Mayor and City Manager are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, SJB-192217vl NE136-166