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<br />After due consideration of the bids, Member Ma s te 1 <br />following resolution and moved its adoption: <br /> <br />then introduced the <br /> <br />RESOLUTION NO. 9039 <br /> <br />A RESOLUTION AWARDING THE SALE OF $8,640,000 <br />GENERAL OBLIGATION REFUNDING IMPROVEMENT <br />BONDS, SERIES 1994; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />PROVIDING FOR THEIR PAYMENT; PROVIDING FOR THE <br />ESCROWING AND INVESTMENT OF THE PROCEEDS THEREOF; <br />AND PROVIDING FOR THE REDEMPTION OF <br />BONDS REFUNDED THEREBY. <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 Investment Services (Purchaser) to <br />purchase $8,640,000 General Obligation Refunding Improvement Bonds, Series 1994 <br />(Bonds) of the City described in the Official Notice of Sale thereof is determined to <br />be the highest and best bid received pursuant ~o duly advertised notice of sale and. <br />is accepted, the bid being to purchase the Bonds at a price of $ 8,570,880 plus <br />accrued interest to date of delivery, for Bonds bearing interest as follows: <br /> <br />Year of Interest Year of Interest <br />Maturity Rate Maturity !!!! <br />1995 2.70% 2001 4.05% <br />1996 3. :LO 2002 4.20 <br />1997 3.30 2003 4.30 <br />1998 3.60 2004 4.40 <br />1999 3.80 2005 4.50 <br />2000 3.95 2006 4.60 <br />Net effective interest rate: 4.2148 , <br /> <br />1.02. The sum of $17, 280 . 00 being the amount bid by the Purchaser in <br />excess of $8,553,600 is credited to the Escrow Account or the debt service account <br />hereinafter created, or designated to pay costs of issuance of the Bonds, as the case <br />may be. 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 unsuccessful bidders forthwith. The Mayor and City Manager are <br />directed 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 $8,640,000, originally dated February 10, 1994, in the denomination of <br />$5,000 eachar any integral multiple thereof, numbered No. R-l, upward, bearing <br /> <br />1Io7ØJ'71' <br />"200-13 <br /> <br />2 <br />