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After due consideration of the bids, Member Cushman then introduced the following resolution and moved its adoption: RESOLUTION NO. 8561 A RESOLUTION AWARDING THE SALE OF $2,000,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 16 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 Roseville, Ramsey County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of FBS Investment Capitol Markets (Purchaser) to purchase $2,000,000 General Obligation Improvement Bonds, Series 16 (Bonds) of the City described in the Official Terms of Offering thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, the bid being to purchase the Bonds at a price of $ 1,978,000 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Maturity Interest Rate Year of Maturity Interest Rate See' Schedule C Attached True interest rate: 6.87498% 1.02. The sum of $ 8. 000 being the amount bid by the Purchaser in excess of $1,970,000 is credited to the Debt Service Fund hereinafter created. The City Finance Director 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 bidders forthwith. The Mayor and City Manager 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 $2,000,000, originally dated April 2, 1990, in the denomination of $5,000 each or any integral multiple thereof, bearing interest as above set forth, and which mature serially on March 1 in the years and amounts as follows: Year Amount Year Amount 1991 $ 85,000 1999 $ 135,000 1992 90,000 2000 145,000 1993 95,000 2001 155,000 1994 100,000 2002 165,000