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AIt.~r due consideration of the bids, Councilmember <br />introduc~d t~e foil_owing resolution and moved its adoption: <br /> <br />Cox <br /> <br />RESOLUTION N0.87-150 <br /> <br /> A RESOLUTION AWARDING THE SALE OF $2,800,000 <br />(~{NERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1987A; <br /> FIXING THEIR FORM AND SPECIFICATIONS; <br /> DIRECTING THEIR EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR THEIR PAYMENT <br /> <br /> BE I.'i? RESOLVED By the City Council of the City of Ramsey, Anoka <br />County~ Minnesota, (City) as follows: <br /> <br />Sale of Bonds. <br /> <br /> [~0~. The bid of Smith Barney, Harris Upham & Co., Incorpor.ated, (Pur- <br />chaser) ~.o purchase $2~800,000 General Ob~igation Tax Increment Bonds, <br />Series ~987J (Bonds) of the City described in the Official Notice of Sale <br />thereof i:5 iaereby found and determined to be the highest and best bid <br />receivt~d p~suant to duly advertised notice of sale and shall be and is <br />hereby accel~ted, such bid being to purchase the Bonds at a price of <br />$2,765,0()0.00plus accrued interest to date of delivery, for Bonds bearing <br />interest ;~s fol].ows: <br /> <br />,,~:ar of Matur <br /> <br />Interest Rate Per Annum <br /> <br />1.990 5.00% <br />1991 5.25% <br />1.992 5.50% <br />1993 5.75% <br />1994 6.00% <br />1995 6.20% <br />1996 6.40% <br />1997 6.50% <br />~998 6.60% <br />1999 6.70% <br />2000 6.80% <br />2001 6.90% <br />2002 7.00% <br />2003 7.10% <br />2004 7.20% <br />2005 7.25% <br />2006 7.30% <br />2007 7.30% <br /> <br />N~=I ~l!Jective interest rate: 7.059027% <br /> <br /> <br />