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After due consideration of the proposals, Member Haas Star fen then introduced <br /> <br />the following written resolution, the reading of which was dispensed with by unanimous consent, <br />and moved its adoption: <br /> <br />RESOLUTION NO. 99-01-009 <br /> <br /> A RESOLUTION AWARDING THE SALE OF $1,195,000 <br />GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1999A; <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 ofRamsey, Anoka County, Minnesota <br />(City) as follows: <br /> <br />Section 1. Sale of Bonds. <br /> <br /> 1.01. The proposal of Dougherty Summit Securities (Purchaser) to purchase $1,195,000 <br />General Obligation Tax Increment Bonds, Series 1999A (Bonds) of the City described in the Terms <br />of Proposal thereof is found and determined to be a reasonable offer and is hereby accepted, the <br />proposal being to purchase the Bonds at a price of $1,184,560.35 plus accrued interest to date of <br />delivery, for Bonds beating interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br /> <br />2001 4.00% . 2008 4.25% <br />2002 4.00% 2009 4.30% <br />2003 4.00% 2010 4.35% <br />2004 4.00% 2011 4.40% <br />2005 4.00% 2012 4.50% <br />2006 4.10% 2013 4.50% <br />2007 4.20% <br /> <br />Tree interest cost: 4.4201% <br /> <br /> 1.02. The sum of $4,560.35 being the amount proposed by the Purchaser in excess of <br />$1,180,000 will be credited to the Debt Service Fund hereinafter created. The City Administrator is <br />directed to deposit the good faith check of the Purchaser, pending completion of the sale of the <br />SJB-156196 <br />RA125-54 <br /> <br /> <br />