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Upon the recommendation of Evenson-Dodge, Inc., financial ad- <br />visers to the City, the aggregate' principal amount of the Bonds was <br />increased to $715,000 and the minimum purchase price adjusted in <br />accordance with the Official Notice of Sale. <br /> <br /> After consideration of said bids, Councilmember Cox introduced <br />the following resolution and moved its adoption, the reading of which <br />was dispensed with by unanimous consent: <br /> <br />RESOLUTION NO. 85-33 <br /> <br />A RESOLUTION AWARDING THE SALE OF $715,000 <br />GENERAL OBLIGATION REFUNDING II~PROVEMENT BONDS, SERIES 1985 <br />PROVIDING FOR THE FORMAND SPECIFICATIONS <br />THEREOF; PROVIDING FOR ~IEIR PAYMENT: PROVIDING <br />FOR THE ESCROWING AND INVESTMENT OF THE PROCEEDS <br />·HEREOF; AND PROVIDING FOR THE REDEMPTION OF <br />BONDS REFUNDED THEREBY. <br /> <br /> BE IT RESOLVED By the City Council of the City of Ramsey, <br />Minnesota (City), as follows: <br /> <br />Section 1. Sale of Refundin~ Bonds. <br /> <br />1.01. The bid of Norwest Investment Services and others <br />(Purchaser) to purchase $715,000 General Obligation Refunding <br />Improvement Bonds, Series 1985 (Refunding Bonds or Bonds), bearing <br />interest as follows: <br /> <br />Year of Maturity <br /> <br />Interest Rate (% per annum) <br /> <br />1986 6.00 <br />1987 6.50 <br />1988 7.00 <br />1989 7.10 <br />1990 7.25 <br />1991 7.50 <br />199] 7.75 <br /> <br />Net effective interest rate = 7.6011%. <br /> <br />is hereby accepted, said bid being to purchase the Refunding Bonds at <br />a price of $705,705. The Mayor and the City Clerk-Treasurer are <br />directed to execute a contract with the Purchaser on behalf of the <br />City. The Clerk-Treasurer is instructed to return the good faith <br /> <br /> <br />