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A~fl ~2~,: ~hm consideration of the bids, Councilmember Cox <br />introdm ed the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 87-151 <br /> <br />A RESOLUTION AWARDING THE SALE OF $400,000 <br />OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1987B; <br /> FIXING THEIR FORM AND SPECIFICATIONS; <br /> DIRECTING THEIR EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR THEIR PAYMENT <br /> <br /> BF lit RESOLVED By the City Council of the City of Ramsey, Anoka <br />County,. Mlm,esota, (City) as follows: <br /> <br />Se~t~o~t i. Sale of Bonds. <br /> <br /> ~0[~ The bid of Norwest Investment Services, Inc. (Pur- <br />chaser) to purchase $400,000 General Obligation Taxable Tax Increment <br />Bonds~ Series 1987B (Bonds) of the City described in the Official Notice of <br />Sale thereo? is hereby found and determined to be the highest and best bid <br />received pucsuant to duly advertised notice of sale and shall be and is <br />hereby ae~cepted, such bid being to purchase the Bonds at a price of <br />$.39_~2.~z~9. plus accrued interest to date of delivery, for Bonds bearing <br />inte~e~;~ as follows: <br /> <br />Year o?: Maturity <br /> <br />Interest Rate Per Annum <br /> <br />]'>90 8.75% <br />]'t91 8.75% <br />1)92 8.75% <br />]')93 9.00% <br />1')94 9.00% <br />~95 9.00% <br />!~i96 9.00% <br />1~97 9.00% <br />1')98 9.00% <br />1.')99 9.25% <br />2000 9.25% <br />2~01 9.25% <br />2~)02 9.50% <br />2,)03 9.50% <br />2 )O4 9.50% <br />2~i05 9,75% <br />2~¢)6 9.75% <br />2i107 9.75% <br /> <br />Nei: efi!ective interest rate: 9,6247% <br /> <br /> <br />