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<br />After due consideration of the bids, Member P. Johnson then <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 8885 <br /> <br />A RESOLUTION AWARDING THE SALE OF $1,975,000 <br />GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS, SERIES 1993; <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 Roseville, Ramsey <br />County, Minnesota (City) as follows: <br /> <br />Section 1. Sale of Bonds. <br /> <br />1 .01. The bid of Firstar Bank Milwaukee (Purchaser) to purchase $1 ,975,000 <br />General Obligation Refunding Improvement Bonds, Series 1993 (Bonds) of the City <br />described in the Official Terms of Offering thereof is hereby found and determined <br />to be the highest and best bid received pursuant to duly advertised notice of sale <br />and shall be and is hereby accepted, the bid being to purchase the Bonds at a price <br />of $1,972,709 plus accrued interest to date of delivery, for Bonds bearing interest <br />as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />1994 2.80% 1999 4.45% <br />1995' 3.25 2000 4.60 <br />1996 3.70 2001 4.85 <br />1997 4.00 2002 5.00 <br />1998 4.25 <br /> <br />Net effective interest rate: <br /> <br />1.02. The sum of $27,334 being the amount bid by the Purchaser in excess of <br />$1,945,375 will be credited to the Debt Service Fund hereinafter created. The City <br />Manager is directed to deposit the good faith check of the Purchaser pending <br />completion of the sale of the Bonds, and to return the good faith checks of the <br />unsuccessful bidders forthwith. The Mayor Pro Tem and City Manager are directed <br />to execute a contract with the Purchaser on behalf of the City. <br /> <br />1 .03. The City will forthwith issue and sell the Bonds in the total principal <br />amount of $1,975,000, originally dated February 11, 1993, in the denomination of <br />$5,000 each or any integral multiple thereof, numbered No. R-1, upward, bearing <br />interest as above set forth, and which mature serially on March 1 in the years and <br />amounts as follows: <br /> <br />RLD47467 <br />RS200-10 <br /> <br />2 <br />