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COUNCIL MEETING <br />October 15, 1985 <br />Page -6- <br />were to be received at this meeting, in accordance with the resol- <br />ution adopted by the City Council on September 9, 1985. The aff- <br />idavits were examined, found to comply with the provisions of Minn- <br />esota Statutes, Chapter 475, and were approved and ordered placed <br />on file. <br />The Council proceeded to receive and open bids for the sale of <br />the Bonds. The following bids were received: <br />$1,850,000.00 <br />GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1985 <br />CITY OF LINO LAKES, MINNESOTA <br />AWARD: CRONIN & MARCOTTE, INCORPORATED <br />And Associates <br />SALE: October 15, 1985 Moody's Rating: A <br />Interest Net Interest <br />Bidder Rates Price Cost & Rate <br />CRONIN & MARCOTTE, INC. 6.70% <br />F & M Marquette National Bank <br />Kidder, Peabody & Company, Inc. <br />THE FIRST NATIONAL BANK OF 46.75% <br />SAINT PAUL <br />FIRST NATIONAL BANK OF MINN- <br />EAPOLIS <br />NORWEST INVESTMENT SERVICES <br />$1,831,500 $390,350.00 <br />(7.0333 %) <br />$1,826,875 $397,750.00 <br />(7.1666%) <br />ti <br />PIPER,JAFFRAY & HOPWOOD 7.00% $1,826,875 $411,625.00 <br />INCORPORATED (7.4166 %) <br />PaineWebber Incorporated <br />Summit Investment Corporation <br />American National Bank & <br />Trust Company of St. Paul <br />Moore, Juran and Company, Inc. <br />MORGAN STANLEY & COMPANY, 7.50% $1,827,000 $439,250.00 <br />INCORPORATED (7.9144 %) <br />These Bonds are Being Reoffered at Par. <br />Average Maturity: 3 Years <br />BBI: 9.25% <br />