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After due consideration of the bids, Member Wiski introduced the following resolution and moved its adoption : then RESOLUTION NO. 9296 A RESOLUTION AWARDING THE SALE OF $2,100,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 22; 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 Rosevllle, Ramsey County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. The bid of PBS Investment Services. In~. (Purchaser) to purchase $2,100,000 General Obligation Improvement Bonds, Series 22 (Bonds) of the City described in the 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 will be and is hereby accepted, the bid being to purchase the Bonds at a price of $ 2 , 084 , 670 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Interest Year of Interest Maturity Rate Maturity Rate 1997 3.80 2005 4.85 1998 4.l0 2006 4.95 1999 4.20 2007 5.05 2000 4.35 2008 S.15 2001 4.45 2009 5.25 2002 4.55 2010 5.35 2003 4.65 2011 5.45 2004 4.75 True interest cost: 5 .~29 1.02. The sum of $l6, 170 being the amount bid by the ~rchaserin excess of $2,068,500 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 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 pursuant to Minnesota Statutes, Chapter 429 (Act) in the total priDc1pal amount of $2,100,000, originally dated May 15, 1996, in the denomination of $5,000 each or any integral multiple DJU03226 RS2oo-16