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<br />After due consideration of the proposals, Member larson <br /> <br />then introduced <br /> <br />the following resolution, and moved its adoption: <br /> <br />RESOLUTION NO. 97-004 <br /> <br />A RESOLUTION AWARDING THE SALE OF $320,000 GENERAL <br />OBLIGATION UTILITY REVENUE BONDS, <br />SERIES 1997 A; 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 I. <br /> <br />Sale of Bonds. <br /> <br />1.01. It is determined that: <br /> <br />(a) the City engineer has reconunended the construction of vanous <br />improvements to the City's storm water, sewer and water systems (Projects). <br /> <br />(b) the City is authorized by Minnesota Statutes, Section 444.075 (Act) to <br />finance all or a portion of the cost of the Project (Project Costs) by the issuance of <br />general obligation bonds of the City payable from the net revenues of the utility system. <br />The Project Costs are presently estimated by the engineer to be as follows: <br /> <br />Project Designation & Description <br />Project Cost <br />Issuance Costs <br />Underwriter's Discount <br />Total Issue <br /> <br />Total Proiect Cost <br />$301,400 <br />15,080 <br />3.520 <br />$320,000 <br /> <br />(c) it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue $320,000 General Obligation Utility Revenue Bonds, Series <br />1997 A (Bonds) pursuant to the Act to provide financing for the Projects. <br /> <br />1.02. The proposal of Norwest Investment Services. Ine. (Purchaser) to <br />purchase $320,000 General Obligation Utility Revenue Bonds, Series 1997A (Bonds) of the City <br />described in the Terms of Proposal thereof is found and determined to be a reasonable offer and <br />is accepted, the proposal being to purchase the Bonds at a price of $ 316,480.00 plus accrued <br />interest to date of delivery, for Bonds bearing interest as follows: <br /> <br />DJKllS934 <br />NE136-137 <br />