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<br />After due consideration of the bids, Councilmember <br /> <br />Schmidt <br /> <br />introduced the following resolut ion and <br /> <br />moved its adoption: <br /> <br />Seconded by Williams. <br /> <br />RESOLUTION NO. ' 86-70 <br /> <br />RESOLUTION AWARDING THE SALE OF $2,125,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS OF 1986, SERIES A: <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 <br />Brighton, Minnesota, as follows: <br /> <br />1. The bid of Dain Bosworth Inc. , <br />(the "Purchaser") to purchase the City's $2,125,000 General <br />Obligation Improvement Bonds of 1986, Series A (the <br />"Bonds" ), as descr ibed in the not ice of sale thereof, is <br />hereby found and determined to be the highest and best bid <br />received pursuant to duly advertised notice of sale and <br />shall be and is hereby accepted, such bid being to purchase <br />the Bonds at a price of $2.092,062.50 plus accrued interest <br />to date of delivery, the Bonds to bear interest, to mature <br />in the years and amounts, and to be subject to such other <br />terms and conditions as hereinafter provided. The sum of <br />$ 7.437.50 , being the amount bid in excess of <br />$2,084,~25, shall be credited to the Debt Service Fund here- <br />inafter created. The City Finance Director/City Clerk is <br />di rected to retain the good fai th check of the Purchaser <br />pending completion of the sale and delivery of the Bonds and <br />to return the checks of the unsuccessful bidders forthwith. <br /> <br />2. The City of New Brighton shall forthwith issue and <br />sell its General Obligation Improvement Bonds of 1986, <br />Series A, in the total principal amount of $2,125,000. The <br />Bonds shall be dated August l, 1986, shall be fully reg- <br />istered without coupons and shall be numbered R-1 et seg., <br />shall be in the denomination of $5,000 each, or in Integral <br />multiples thereof, shall bear interest as set forth below, <br />all interest payable August 1, 1987, and semiannually there- <br />after on February 1 and August 1 in each year, and shall <br />bear interest at the rates per annum and mature serially on <br />February 1 in the years and amounts as follows, respec- <br />tively: <br /> <br />- 3 - <br />