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<br />~. <br /> <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. 91-073 <br /> <br />A RESOLUTION AWARDING THE SALE OF $2,605,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1991A; <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 INVESTEMENT SERVICES, INC. (Purchaser) to <br />purchase $2,605,000 General Obligation Improvement Bonds, Series 1991A (Bonds) <br />of the City described in the Official Terms of Offering thereof is hereby found <br />and determined to be the highest and best bid received pursuant to duly <br />advertised notice of sale and shall be and is hereby accepted, the bid being to <br />purchase the Bonds at a price of $ 2,576,345.00 plus accrued interest to date of <br />delivery, for Bonds bearing interest as follows: <br /> <br />Year of Maturity Interest Rate Year of Maturity Interest Rate <br /> 1994 5.40i. 1999 6.05i. <br /> 1995 5.50i. 2000 6.15i. <br /> 1996 5 . 70i. 2001 6 . 30i. <br /> 1997 5.80i. 2002 6.40i. <br /> 1998 5 . 90i. 2003 6.50i. <br />True Interest Rate: 6.258880/. <br /> <br />1.02. The sum of $ -0- being the amount bid by the Purchaser in <br />excess of $2,576,345 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 will forthwith issu-e and sell the Bonds in the total <br />principal amount of $2,605,000, originally dated August I, 1991, in the <br />denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, <br />upward, bearing interest as above set forth, and which mature serially on <br />February 1 in the years and amounts as fol~ows: <br />