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OLD BUSINESS <br /> <br />BID OPENING ON BOND ISSUE <br /> <br />The Mayor announced that the bids had been received for the purchase of <br />$950,000 General Obligation Improvement Bonds of 1979, as advertised for <br />sale. The City Administrator presented affidavits showing publication of <br />notice of sale in the official newspaper and in Commercial West, a <br />financial paper published in Minneapolis, Minnesota, which affidavits <br />were examined and found satisfactory and ordered placed on file. <br />The City Administrator presented the sealed bids which had been received <br />prior to the time specified in the notice of sale, which were then opened <br />and tabulated. The bids were as follows: <br /> <br />Names of Interest Rates Total Average <br />Bidders Years Rate Interest Rate <br /> <br />Premium <br /> <br /> · Or <br />Discount <br /> <br />BancNorthwest 1982-1983 5.60 <br />Cronin & Marcotte, 1984-1985 5.70 <br />Inc. 1986 5.75 <br /> 1987 5.80 <br /> 1988 5.90 <br /> 1989 6.00 <br /> <br />$358,905.00 6.0574 $14,250.00 <br /> (discount) <br /> <br />American National 1982-1984 S. 70 <br />Bank and Trust 1985 5.75 <br />Company of St. Paul,1986 5.80 <br />Minnesota 1987 5.90 <br /> 1988-1989 6.00 <br /> <br />$363,737.50 6.1390 $15,675~00 <br /> (discount) <br /> <br />First National 1982-1884 5.75 <br />Bank of Minneapolis 1985 5.80 <br />First National 1986-1987 5.90 <br />Bank of St. Paul 1988.1989 6.00 <br />M. tt. Novick & Co. <br />Inc. <br /> <br />$367,285.00 6.1989 $17,575.00 <br /> (discount) <br /> <br />After due consideration of the bids, Councilman Cox introduced the following <br />resolution and moved its adoption: <br /> <br /> RESOLUTION AWARDING THE SALE OF $950,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS OF 1979; <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 Ramsey, <br />Minnesota, as follows: <br /> <br /> 1. The bid of BancNorthwest to purchase $950,000 General <br />Obligation Improvement Bonds of 1979, of the City described in the notice of <br />sale thereof is hereby found and determined to be the highest and best bid <br />received pursuant to duly advertised notice of sale and shall be and is <br /> <br />Council/ Page 5 <br />August 27, 1979 <br /> <br /> <br />