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After due consideration of the proposals, Member then <br />introduced the following written resolution, the reading of which was dispensed with by <br />unanimous consent, and moved its adoption: <br />In accordance with the official Terms of Proposal the following adjustments were made: <br />Principal Amount: $3,755,000 <br />Maturities: 2/1/2007 through 2/1/2015 <br />Minimum Purchase Price: $3,726,838.00 <br />RESOLUTION NO. 05 -151 <br />A RESOLUTION AWARDING THE SALE OF $3,755,000 GENERAL <br />OBLIGATION IMPROVEMENT REFUNDING BONDS, SERIES 2005B; <br />FIXING THEIR FORM AND SPECIFICATIONS; <br />DIRECTING THEIR EXECUTION AND DELIVERY; <br />AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, <br />Minnesota (the "City") as follows: <br />Section 1. Sale of Bonds. <br />1.01. The proposal of Legg Mason Wood Walker, Inc. (the "Purchaser ") to purchase <br />$3,755,000 General Obligation Improvement Refunding Bond, Series 2005B (the "Bonds ") of <br />the City described in the Terms of Proposal thereof is determined to be a reasonable offer and is <br />accepted, the proposal being to purchase the Bonds at a price of $3,914,356.64 plus accrued <br />interest to date of delivery, for Bonds bearing interest as follows: <br />Year Interest Rate Year Interest Rate <br />2007 3.75% 2012 3.75% <br />2008 3.75 2013 5.00 <br />2009 3.75 2014 5.00 <br />2010 3.75 2015 5.00 <br />2011 3.75 <br />CAW- 268363v1 <br />LN 140 -93 <br />