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<br />.! <br /> <br />After due consideration of the bids, Member Rebelein <br /> <br />then <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 92-111 <br /> <br />A RESOLUTION AWARDING THE SALE OF $1,620,000 GENERAL <br />OBLIGA TION CAPITAL IMPROVEMENT REFUNDING BONDS, SERIES 1992C; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />PROVIDING FOR THEIR PAYMENT; PROVIDING FOR THE <br />ESCROWING AND INVESTMENT OF THE PROCEEDS THEREOF; <br />AND PROVIDING FOR THE REDEMPTION OF <br />BONDS REFUNDED THEREBY. <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. The proposal of Kemper Securities, Inc. (Purchaser) <br />to purchase $1,620,000 General Obligation Capital Improvement Refunding Bonds, <br />Series 1992C (Bonds) of the City described in the Terms of Proposal thereof is <br />determined to be a reasonable offer and is accepted, the proposal being to purchase <br />the Bonds at a price of $1,606,503.11 plus accrued interest to date of delivery, for <br />Bonds bearing interest as follows: <br /> <br />Year of <br />Maturity <br /> <br />Interest <br />Rate <br /> <br />Year of <br />Maturity <br /> <br />Interest <br />Rate <br /> <br />1995 <br />1996 <br />1997 <br />1998 <br /> <br />3.40% <br />3.70% <br />4.00% <br />4.30% <br /> <br />1999 <br />2000 <br />2001 <br />2002 <br /> <br />4.50% <br />4.70% <br />4.90% <br />5.00% <br /> <br />True effective interest rate: 4.6870% <br /> <br />1.02. The sum of $2,703.11 being the amount bid by the Purchaser in <br />excess of $ 1,603,800.00 is credited to the Escrow Account hereinafter created, <br />or designated to pay costs of issuance of the Bonds, as the case may be. The City <br />Clerk-Treasurer is directed to retain the good faith check of the Purchaser, pending <br />completion of the sale of the Bonds, and to return the good faith checks of the <br />unsuccessful bidders forthwith. The Mayor and City Manager are directed to <br />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$1,620,000 originally dated November 1, 1992, in the denomination of <br />$5,000 each or any integral multiple thereof, numbered No. R-l, upward, bearing <br /> <br />SJB41102 <br />NE136-97 <br />