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lowest net interest cost (total interest from date of bonds to stated <br />maturities, less any cash premium or plus any amount less that $705,000 <br />bid for principal) will be deemed the most favorable. <br /> <br />The City specifically reserves the right to increase or decrease the <br />aggregate principal amount of the bonds and to adjust the minimum <br />purchase price proportionately, but such increase or decrease will <br />exceed neither $20,000 in total amount nor $5,000 of any annual <br />maturity. The prospective purchaser submitting the most favorable bid <br />will be notified of such modification in principal amount, if any, no <br />later than 7:30 o'clock p.m.C.T, on the day of sale. No oral bid and <br />no bid of less than $694,000 for principal plus accrued interest on all <br />of the bonds will be considered. <br /> <br />The City reserves the right to reject any and all bids and to waive any <br />informality in any bid. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />Dated: February 12, 1985. <br /> <br />/s/ Lloyd G. Schnelle <br />City Clerk-AdmiNistrator <br />Ramsey, Minnesota <br /> <br />MN220.85a/22 <br /> <br />vi <br /> <br /> <br />