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After due consideration of the bids, Member P. Johnson then introduced the following resolution and moved its adoption: RESOLUTION NO. 8884 A RESOLUTION AWARDING THE SALE OF $2,300,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 19; 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 Coun ty, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of Cronin & Co., Inc. (Purchaser) to purchase $2,300,000 General Obligation Improvement Bonds, Series 19 (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 . $2,286,775 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1994 2.80% 2002 5.00% 1995' 3.25 2003 5.10 1996 3.70 2004 5.20 1997 4.00 2005 5.30 1998 4.25 2006 5.40 1999 4.45 2007 5.50 2000 4.60 2008 5.60 2001 4.85 Net effective interest rate: 1.02. The sum of $21,775 being the amount bid by the Purchaser in excess of $2,265,000 will be credited to the Debt Service Fund hereinafter created. The City Manager 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 Pro Tem 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 $2,300,000, originally dated February 11, 1993, in the denomination of $5,000 each or any integral multiple thereof, numbered No. R-l, upward, bearing RLD47466 RS200-10 2