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/\ftc~ ~tte consideration of the bids, Councilmember Cox <br />introduce~ the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 87-152 <br /> <br />A RESOLUTION AWARDING THE SALE OF $160,000 <br />gENErAL OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1987C; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br /> DIRECTING THEIR EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR THEIR PAYMENT <br /> <br /> ~{E £F RESOLVED By the City Council of the City of Ramsey, Anoka <br />Count~f~ Minnesota, (City) as follows: <br /> <br />Sale of Bonds. <br /> <br /> 1~0~. The bid of ~nerican National Bank and Trust Company (Pur- <br />chaser) to purchase $160,000 General Obligation Taxable Tax Increment <br />Bonds, Se~ies 1987C (Bonds) of the City described in the Official Notice of <br />Sale thereof is hereby found and determined to be the highest and best bid <br />received pu~'suant to duly advertised notice of sale and shall be and is <br />hereby accepted, such bid being to purchase the Bonds at a price of <br />$157,168~00 plus accrued interest to date of delivery, for Bonds bearing <br />interest a~ follows: <br /> <br />Vear of Matur~t~ <br /> <br />Interest Rate Per Annum <br /> <br />].990 8.30% <br />].991 8.50% <br />~992 8.70% <br />1993 8.80% <br />1994 8,90% <br />1995 9,00% <br />I996 9.00% <br />1997 9,10% <br /> <br />~qet ,.~f~ective interest rate: 9.1886% <br /> <br /> l~f~2~ The sum of $ 268.00 being the amount bid by the Purchaser <br />in exc~,~ o~! $156,900, shall be credited to the Debt Service Fund herein- <br />after ~reat~d. The City Treasurer is directed to retain the good faith <br />check o~ tb~ Purchaser pending completion of the sale and delivery of the <br />Bonds, and ~o return the checks of the unsuccessful bidders forthwith. The <br /> <br /> <br />