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Councilmcmb~:~' 1 )cLuca introduced the following resolution and moved for its adoption: <br /> RESOLUTION #89-11-320 <br /> <br />A RES¢)I~/T~()N AWARDING THE SALE OF $530,000 GENERAL <br />()BLIGATI(~N IMPROVEMENT BONDS, SERIES 1989A; FIXING THEIR FORM <br />AND SPECHqCATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PI~I¢!VII)~N(] FOR THEIR PAYMENT <br /> <br />NOW Tilt;;REF()RE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF RAMSEY... ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />Sale of Bonds. <br /> <br /> 1.01. 't'hc bid of Norwest Investment Services (Purchaser) to purchase $530,000 General <br />Obligation Improvement Bonds, Series 1989A {Bonds} of the City described in the Terms of <br />Offering thcrcot~ i:-; hereby found and determined to be the highest and best bid received pursuant to <br />duly advcrt i:~cd notice of sale and shall be and is hereby accepted, the bid being to purchase the <br />Bonds at a i)~i(c (,f $ 524.700 plus accrued interest to date of delivery, for Bonds beating interest <br />as follow:;: <br /> <br />_Y,:~_¢'_9_! b_4,'.~tLurit_y_ Interest Rate Year of Maturi _ty Interest Rate <br /> <br />199 ~ 5.80% 1996 6.15% <br />199~ 5.90% 1997 6.20% <br />1993 6.00% 1998 6.25% <br />1994 6.05% 1999 6.30% <br />i 995 6.10% 2000 6.40% <br /> <br />Net effcctiw.'~ i~t~,~e~st rate: 6.3363% <br /> <br /> I.I)2~ 'i~hc sum of $1,590 being the amount bid by the Purchaser in excess of $523,110 <br />will be credited [o the Debt Service Fund hereinafter created. The City Finance Officer is directed <br />to retain the good ~'aith check of the Purchaser, pending completion of the sale of the Bonds, and to <br />return the go~xl ~'aith checks of the unsuccessful bidders forthwith. The Mayor and City <br />Administrator arc directed to execute a contract with the Purchaser on behalf of the City. <br /> <br /> 1.03. q~hc City will forthwith issue and sell the Bonds in the total principal amount of <br />$530,000 originally dated December 1, 1989, in the denomination of $5,000 each or any integral <br />multiple thcrcol'~ n~_~mbered No. R-l, upward, bearing interest as above set forth, and which mature <br />serially on l?ebma~ y I in the yem:s and amounts as follows: <br /> <br />_-~_~!r Amou.~nL Year Amount. <br /> <br />991 $20,000 1996 $85,000 <br />992 95,000 1997 20,000 <br />99~ 90,000 1998 20,000 <br />994 85,000 1999 15,000 <br />995 85,000 2000 15,000 <br /> <br /> <br />