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<br />After due consideration of the bids, Member Mastel then introduced the following <br /> <br />resolution and moved its adoption: <br /> <br />RESOLUTION NO. 9391 <br /> <br />A RESOLUTION AWARDING THE SALE OF $2,750,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 23; <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 Rosevìlle, Ramsey County, <br />Minnesota (City) as follows: <br /> <br />Section 1. <br /> <br />Sale of Bonds. <br /> <br />1.01. The bid of Norwest Investment Services, Inc. (Purchaser) to purchase $2,750,000 <br />General Obligation Improvement Bonds, Series 23 (Bonds) of the City described in the Terms <br />of Offering thereof is hereby found and determined to be the highest and best bid received <br />pursuant to duly advertised notice of sale and is hereby accepted, the bid being to purchase the <br />Bonds at a price of $2,732,125 plus accrued interest to date of delivery, for Bonds bearing <br />interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />1998 3.70% 2006 4.75 <br />1999 3.90 2007 4.85 <br />2000 4.10 2008 5.00 <br />2001 4.20 2009 5.05 <br />2002 4.35 2010 5.10 <br />2003 4.45 2011 5.15 <br />2004 4.55 2012 5.20 <br />2005 4.65 <br />Net effective interest rate: 4.9777 <br />True interest cost: 4.9751 <br /> <br />1.02. The sum of $23,375 being the amount bid by the Purchaser in excess of <br />$2,708,750 wìll be credited to the Debt Service Fund hereinafter created. The City Manager is <br />directed to deposit the good faith check of the Purchaser, pending completion of the sale of the <br /> <br />DJK1l8730 <br />RS200-19 <br />