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RESOLUTION NO. 00 - 03 A RESOLUTION AWARDING THE SALE OF $570,000 GENERAL OBLIGATION TAX INCREMENT BONDS SERIES 1990A; 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, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The proposal of FBS Investment Services, Inc. (Purchaser) to purchase $570,000 General Obligation Tax Increment Bonds, Series 1990A (Bonds) of the City described in the Terms of Proposal thereof is hereby accepted, the bid being to purchase the Bonds at a price of $566,312.10 plus accrued interest to date of delivery, for Bonds bearing interest at 5.70% per annum. 1.02. The City Finance Director 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 $570,000, originally dated December 1, 1990, 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 on December 1, 1993. 1.04. Optional Redemption. The City may elect on January 1, 1991 and on the first day of each month thereafter to prepay Bonds. Redemption may be in whole or in part, and if only part of the Bonds are called for prepayment the specific Bonds to be prepaid will be chosen by lot by the Registrar. Prepayments will be at a price of par plus accrued interest. Section 2. Re~istration and Payment. 2.01. Re~istered Form. The Bonds will be issued only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof, is payable by check or draft issued by the Registrar described herein. 2.02. Dates; Interest Payment Dates. Each Bond will be dated as of the last interest payment date preceding the date of authentication to which interest on the Bond has been paid or made available for payment, unless (i) the date of authentication is an interest payment date to which interest has been paid or made available for payment, in which case such Bond shall be dated as of the date of authentication, or (ii) the date of authentication is prior to the first interest payment date, in which case such Bond will be dated as of the date of original issue. The interest on the Bonds is payable on June .1 and December 1 of each year, commencing December 1, 1991, to the owner of record thereof as of the close of business on the fifteenth day of the immediately preceding month, whether or not such day is a business day. 2