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<br />After due consideration of the bids. Member <br /> <br />Gunderman <br /> <br />then <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 91-074 <br /> <br />A RESOLUTION AWARDING THE SALE OF $795.000 GENERAL <br />OBLIGATION WATER REVENUE BONDS, SERIES 1991B; <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. The bid of NORWEST INVESTMENT SERVICES. INC. (Purchaser) to <br />purchase $795.000 General Obligation Water Revenue Bonds. Series 1991B (Bonds) <br />of the City described in the Official Terms of Offering thereof is found and <br />determined to be the highest and best bid received pursuant to duly advertised <br />notice of sale and is accepted. the bid being to purchase the Bonds at a price <br />of $ 788,640.00 plus accrued interest to date of delivery. for Bonds bearing <br />interest as follows: <br /> <br />Year of Maturity Interest Rate Year of Maturity Interest Rate <br /> 1993 5 . 207. 1996 5.70'7. <br /> 1994 5.407. 1997 5 . 807. <br /> 1995 5. 50i. 1998 5 . 907. <br />True Interest Rate 5.8987. <br /> <br />1.02. The sum of $ -0- being the amount bid by the Purchaser in <br />excess of $788.640 will be credited to the Debt Service Fund hereinafter <br />created. The City Clerk-Treasurer is directed to deposit the good faith check <br />of the Purchaser, pending completion of the sale of the Bonds. and to return the <br />good faith checks of the unsuccessful bidders forthwith. The Mayor and City <br />Manager are directed to execute a contract with the Purchaser on behalf of the <br />City. <br /> <br />1.03. The City shall forthwith issue and sell the Bonds in the total <br />principal amount of $795.000. originally dated August 1. 1991. in the denomina- <br />tion of $5.000 each or any integral multiple thereof. numbered No. R--l. upward. <br />bearing interest as above set forth. and which mature serially on February 1 <br />without option of prior payment in the years and amounts as follows: <br /> <br />Year <br /> <br />Amount <br /> <br />Year <br /> <br />Amount <br /> <br />1993 <br />1994 <br />1995 <br /> <br />$ 95.000 <br />125.000 <br />130 ,000 <br /> <br />1996 <br />1997 <br />1998 <br /> <br />$140.000 . <br />150.000 <br />155,000 <br />