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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. 9038 <br /> <br />. A RESOLUTION AWARDING THE SALE OF $2,900,000 <br />GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 20; <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 FBS 9:nvestment Services (Purchaser) to <br />purchase $2,900,000 General Obligation Improvement Bonds, Series 20 (Bonds) of <br />the City described in the Terms of Offering thereof is hereby found and determined <br />to be the highest and best bid received pursuant to duly advertised notice of sale <br />and is hereby accepted, the bid being to purchase the Bonds at a price of <br />$ 2,876,800 plus accrued interest to date of delivery, for Bonds bearing interest <br />as follows: <br /> <br />Year of <br />Maturity <br />1995 <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br />2001 <br /> <br />Interest <br />Rate <br />2.7 % <br />3.l0 <br />3.30 <br />3.60 <br />3.80 <br />3.95 <br />4.05 <br /> <br />Year of <br />Maturity <br />2002 <br />2003 <br />2004 <br />2005 <br />2006 <br />2007 <br />2008 <br />2009 <br /> <br />Interest <br />Rate <br />4.20% <br />4.30 <br />4.40 <br />4.50 <br />4.60 <br />4.70 <br />4.80 <br />4.90 <br /> <br />Net effective interest rate: 4.5435 <br /> <br />1.02. The sum of $ 20, 800 . 00 being the amount bid by the Purchaser in <br />excess of $2,858,000 will be credited to the Debt Service Fund hereinafter created. <br />The City Finance Director is directed to deposit the good faith check of the <br />Purchaser, pending completion of the sale of the Bonds, and to return the good faith <br />checks of the unsuccessf111 bidders forthwith. The Mayor and City Manager are <br />directed to execute a contra. t. with the Purchaser on behalf of the City. <br /> <br />1.03. The City will forti!V\lith issue and sell the Bonds in the total principal <br />amount of $2,900,000, (It" 111!'1.11y dated February 10, 1994 in the denomination of <br />$5,000 each or any integrui. ~TI)iltiple thereof, numbered No. R-l, 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 />DJltlI3766 <br />U200-13 <br /> <br />2 <br />