Resolution - #95-12-275 - 12/12/1995

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After due consideration of the proposais, Member Peterson then introduced the following written resolution and moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 95-12-275 A RESOLUTION AWARDING THE SALE OF $330,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1996A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of Ramsey, Anoka County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. Theproposalof John G. Kinnard & Company Incorporated (PurChaser) to purchase $330,000 Taxable General Obligmtion Tax Increment Refunding Bonds, Series 1998A (Bonds) of the City described in the Terms of Proposal thereof is determined to be a reasonable offer and is accepted, the proposal being to purchase the Bonds at a price of $ 3267304.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1997 5.70% 2003 6.10~ 1998 5.75 2004 6.20 1999 5.80 2005 6.20 2000 5.90 2006 6.25 2001 5.90 2007 6.25 2002 6.OO True interest rate: 6.3348% 1.02. The sum of $ 924.00 being the amount proposed by the Purchaser in excess of $325,380 is credited to the Debt Service Fund hereinafter created. The City Finance Officer is directed to deposit the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful proposers forthwith. The Mayor and City Administrator are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City will forthwith issue and sell the Bonds in the total principal amount of $330,000, originally dated January 1, 1996, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing interest D3~g7564 A~13.25-43