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<br />-'.. <br />.. ~ <br /> <br />, '-._~ <br />".' ......... '4:~ <br /> <br />After due consideration of the proposals, Member <br /> <br />Hoffman <br /> <br />then <br /> <br />introduced the following resolution, and moved its adoption: <br /> <br />RESOLUTION NO. 01-.015 <br /> <br />A RESOLUTION A WARDING THE SALE OF $2,020,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2001A <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 County, <br />Minnesota (City) as follows: <br /> <br />Section 1. <br /> <br />Sale of Bonds. <br /> <br />1.01. The proposal of Cronin & Company, Incorporated (Purchaser) to purchase <br />$2,020,000 General Obligation Improvement Bonds, Series 2001A (Bonds) of the City described <br />in the Terms of Proposal thereof is hereby found and determined to be a reasonable offer and is <br />hereby accepted, the proposal being to purchase the Bonds at a price of $2,010,838.40 plus <br />accrued interest to date of delivery, for Bonds bearing interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturitv Rate <br />2002 4.00% 2008 4.00% <br />2003 4.00 2009 4.00 <br />2004 4.00 2010 4.15 <br />2005 4.00 2011 4.25 <br />2006 4.00 2012 4.35 <br />2007 4.00 <br />True interest cost: 4.2093% <br /> <br />1.02. The sum of $11,038.40 being the amount proposed by the Purchaser in excess of <br />$1,999,800 will be credited to the Debt Service Fund hereinafter created. The City Finance <br />Director-Clerk is directed to deposit the good faith check of the Purchaser, pending completion <br />of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers <br />forthwith. The Mayor and City Manager are directed to execute a contract with the Purchaser on <br />behalf of the City. <br /> <br />1.03. The City will forthwith issue and sell the Bonds pursuant to Minnesota Statutes, <br />Chapter 429 (Act) in the total principal amount of $2,020,000, originally dated March 1, 2001, in <br />the denomination of $5,000 each or any integral multiple thereof, numbered No. R-I, upward, <br /> <br />SJB-192209v I <br />NE136-166 <br />