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After due consideration of the proposals, Member Cich then <br /> <br />introduced the following written resolution and novel its adoption the readin~ of <br />which had been dispensed with by unsntmous consent: <br /> <br />RESOLUTION NO. 92-01-006 <br /> <br />A RESOLUTION AWARDING THE SALE OF $ 620,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1992B; <br /> FIXING THEIR FORM AND SPECIFICATIONS; <br /> DIRECTING THEIR EXECUTION AND DELIVERY; <br /> AND PROVIDING FOR THEIR PAYMENT <br /> <br /> BE IT RESOLVED By the City Council of the City of Ramsey, Anoka County, <br />Minnesota (City) as follows: <br /> <br />Section 1. Sale of Bonds. <br /> <br /> 1.01. Theproposalof Norwest Investment Services Inc. (Purchaser) <br />to purchase $ 620,000 General Obligation Improvement Bonds, Series 1992B <br />(Bonds) of the City described in the Terms of Proposal thereof is hereby found and <br />determined to be the highest and best proposal received and shall be and is hereby <br />accepted, the proposal being to purchase the Bonds at a price of $ 616,280.00 plus <br />accrued interest to date of delivery, for Bonds bearing interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br /> <br />1993 3.50% 1998 4.80% <br />1994 4.00 1999 5.00 <br />1995 4.20 2000 5.10 <br />1996 4.40 2001 5.25 <br />1997 4.6O <br /> <br />Net effective interest rate: 4. 7142% <br /> <br /> 1.02. The sum of $ 3,100.00 being the amount bid by the Purchaser in <br />excess of $613,180 will be credited to the Debt Service Fund hereinafter <br />created. The City Administrator is directed to retain the good faith check of the <br />Purchaser, pending completion of the sale of the Bonds, and to return the good faith <br />checks of the unsuccessful bidders forthwith. The Mayor and City Administrator <br />are directed to execute a contract with the Purchaser on behalf of the City. <br /> <br /> 1.03. The City will forthwith issue and sell the Bonds in the total principal <br />amount of $ 620,000 , originally dated February 1, 1992, in the denomination <br />of $5,000 each or any integral multiple thereof, numbered No. R-l, upward, bearing <br />interest as above set forth, and which mature serially on February I without option <br />of prior payment in the years and amounts as follows: <br /> <br />8RG27511 <br />1~D. 25-32 <br /> <br /> <br />