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94-079
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94-079
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<br />" <br /> <br />After due consideration of the proposals, Member Williams <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />then <br /> <br />RESOLUTION NO. 94-79 <br /> <br />A RESOLUTION AWARDING THE SALE OF $3,560,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1994A; <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 <br />County, Minnesota (City) as follows: <br /> <br />Section 1. Sale of Bonds. <br /> <br />1.01. Theproposalof Norwest Investm~nt Services, Inc. (Purchaser) <br />to purchase $3,560,000 General Obli~tion Improvement Bonds, Series 1994A (Bonds) <br />of the City described in the Terms of Proposal thereof is hereby fO\1nd and <br />determined to be a reasonable offer and is hereby accepted, the proposal being to <br />purchase the Bonds at a price of $3,536,931.20 plus accrued interest to date of <br />delivery, for Bonds bearing interest as follows: <br /> <br /> Year of Interest Year of Interest <br /> Maturitv Rate Maturitv Rate <br /> 1996 4.10% 2001 5.00% <br /> 1997 4.40 2002 5.10 <br /> 1998 4.60 2003 5.25 <br /> 1999 4.75 2004 5.40 <br /> 2000 4.90 2005 5.50 <br />True interest rate: 5 . 22277. <br /> <br />1.02. The sum of $19,651.20 being the amount proposed by the Purchaser <br />in excess of $3,517,280 will be credited to the Debt Service Fund hereinafter <br />created. The City Clerk-Treasurer is directed to deposit the good faith check of the <br />Purchaser, pending completion of the sale of the Bonds, and to return the good faith <br />check;; of the unsuccessful proposers forthwith. The Mayor and City Manager <br />are directed to execute a contract with the Purchaser on behalf of the City. <br /> <br />1.03. The City will forthwith issue and sell the Bonds in the total principal <br />amount of $3,560,000, originally dated July 1, 1994, in the denomination of $5,000 <br />each or any integral multiple thereof, numbered No. R-l, upward, bearing interest <br />as above set forth, and which mature serially on February 1 in the years and <br />amounts as follows: <br /> <br />SRa71729 <br />NE1J6-118 <br />
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