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I. ~~: ;j. After due consideration of the bids, Member Rebelein then introduced the following resolution and moved its adoption: RESOLUTION NO. 92-109 A RESOLUTION AWARDING THE SALE OF $495,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1992A; 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 Coun ty, Minnesota (City) as follows: Section 1. Sale of Bonds. 1. 01. The proposal of Park Investment Corporation (Purchaser) to purchase $495,000 General Obligation Improvement Bonds, Series 1992A (Bonds) of the City described in the Terms of Proposal thereof is hereby found and determined to be a reasonable offer and is hereby accepted, the proposal being to purchase the Bonds at a price of $ 490,545.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1995 3.20% 2000 4.80% 1996 3.60 2001 5.00 1997 4.00 2002 5.10 1998 4.30 2003 5.20 1999 4.60 2004 5.30 True Interest Rate: 4.8893% 1.02. The sum of $ 495.00 being the amount bid by the Purchaser in excess of $ 495,000 will be credited to the Debt Service Fund hereinafter created. The City Clerk-Treasurer is directed to retain 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 bidders 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 in the total principal amount of $495,000, originally dated November 1, 1992, 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: SJ1l41084 NE136-97