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<br /> . <br /> '. <br /> The Clerk-Administrator presented affidavits showing publication in the <br /> official newspaper and in the Commercial West of notice of sale of $1,200,000 Im- <br /> provement Bonds, Series 1, bids for which were to be considered at this meeting as <br /> provided by resolution adopted October 12, 1970. The affidavits were examined and <br /> approved and ordered placed on file. <br /> The Clerk-Administrator reported that sealed bids for the purchase of <br /> the bonds had been received at her office from the following institutions at or <br /> before the time stated in the notice, and the bids were then opened and publicly <br /> read and considered, and were all found to conform to the notice of sale and to be <br /> accompanied by the required security, and the purchase price, coupon rates and net <br /> interest cost under the terms of each bid were found to be as follows: <br /> American National Bank & Trust Co., St. Paul I) . 80"/0 1971 - 1975 <br /> John Nuveen & Company, Chicago 5.10% 1976 <br /> Co-Manager s 5.30"/0 1977 <br /> Merrill Lynch, Pierce, Fenner & Smith 5.50% 1978 <br /> Reynolds & company 5.70"/0 1979 <br /> 5.85% 1980 <br /> 6.00% 1981 <br /> 6.10% 1982 <br /> 6.20% 1983 <br /> 6.30"/0 1984 <br /> 6.40% 1985 <br /> 6.50"/0 1986 <br /> 6.60% 1987 - 1988 <br /> $1,180,000 Price <br /> $675,750 Interest Cost <br /> 6.1712% Net Interest <br /> . <br /> -1- <br />