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After due consideration of the proposals, Member williams then introduced the following resolution and moved its adoption: RESOLUTION NO. 94-80 A RESOLUTION AWARDING THE SALE OF $550,000 GENERAL OBLIGATION SEWER AND WATER REVENUE BONDS, SERIES 1994B; 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. Theproposalof Norwest Investment Services; Iuc. (Purchaser) to purchase $550,000 General Obligation Sewer and Water Revenue Bonds, Series 1994B (Bonds) of the City described in the Terms of Proposal thereof is found and determined to be a reasonable offer and'is accepted, the proposal being to purchase the Bonds at a price of $544,500.00 .." plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1996 4:10;. 2001 5 . 007. 1997 4.40 2002 5.10 1998 4.60 2003 5.25 1999 4.75 2004 5.40 2000 4.90 2005 5.50 True Interest Rate: 5.30877. 1.02. The sum of $1,100.00 being the amount proposed by the Purchaser in excess of $3,517,280 will be credited to the Debt Service Fund hereinafter created. The City Clerk-Treasurer 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 check:; 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 shall forthwith issue and sell the Bonds in the total principal amount of $550,000, originally dated July 1, 1994, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-l, upward, bearing interest as above set forth, and which mature serially on February 1 in the years and amounts as follows: Sl'IGl71738 RE136-118