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<br />Carol <br />After due consideration of the bids, Councilmember Fri tchi e <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 12 <br /> <br />A RESOLUTION AWARDING THE SALE OF $615,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS OF 1987; <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 Centerville, <br />Anoka County, Minnesota, (City) as follows: <br /> <br />Section 1. Sale of Bonds. <br /> <br />1.01. The bid of First Bank St. Paul (Purchaser) to <br />purchase $615,000 General Obligation Improvement Bonds of 1987 (Bonds) of <br />the City described in the Official Notice of Sale thereof is hereby found <br />and determined to be the highest and best bid received pursuant to duly <br />advertised notice of sale and shall be and is hereby accepted, such bid <br />being to purchase th.;- Bonds at a price of $ 605.000 plus accrued <br />interest to date of delivery, for Bonds bearing interest as follows: <br /> <br /> Year of Interest Year of Interest <br /> Maturity Rate Maturity Rat@ <br /> 1989 6.75% 1996 6.75% <br /> 1990 6.75% 1997 6.75% <br /> 1991 6.75% 1998 6.90% <br /> 1992 6.75% 1999 7.00% <br /> 1993 6.75% 2000 7.10% <br /> 1994 6.75% 2001 7.20% <br /> 1995 6.75% 2002 7.30% <br /> 2003 7.40% <br />Net effective interest rate: <br /> <br />1.02. The sum of $ -0- being the amount bid by the Purchaser in <br />excess of $605,000 shall be credited to the Debt Service Fund hereinafter <br />created. The City Treasurer 1s directed to retain the good faith check of <br />the Purchaser pending completion of the sale and delivery of the Bonds, and <br />to return the checks of the unsuccessful bidders forthwith. The Mayor and <br />City Clerk-Treasurer are directed to execute a contract with the Purchaser <br />on bohalf ur Llac C1ty. <br /> <br />1.03. The City shall forthwith issue and sell the Bonds in the total <br />principal amount of $615,000, originally dated July 1, 1987, in the <br />