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After due consideration of the proposals, Member Bergeson then introduced • <br />the following written resolution, the reading of which was dispensed with by unanimous consent, <br />and moved its adoption: <br />RESOLUTION NO. 96 - 101 <br />A RESOLUTION AWARDING THE SALE OF $3,320,000 GENERAL <br />OBLIGATION WATER REVENUE BONDS, <br />SERIES 1996B; 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 (City) as follows: <br />Section 1. Sale of Bonds. <br />1.01. The proposal of Cronin & Company, Incorporated (Purchaser) to <br />purchase $3.320,000 General Obligation Water Revenue Bonds. Series 1996B (Bonds) of the City <br />described in the Terms of Proposal thereof is found and determined to be a reasonable offer and <br />is accepted, the proposal being to purchase the Bonds at a price of $ 3, 280,160 plus accrued <br />interest to date of delivery, for Bonds bearing interest as follows: <br />Year of Interest Year of Interest <br />Maturity Rate Maturity Rate <br />1998 4.107 2006 5.107. <br />1999 4.35 2007 5.20 <br />2000 4.50 2008 5.30 <br />2001 4.60 2009 5.40 <br />2002 4.70 2010 5.50 <br />2003 4.80 2011 5.60 <br />2004 4.90 2012 5.70 <br />2005 5.00 <br />True interest cost: 5.40782 <br />1.02. The sum of $ 4,910.00 being the amount proposed by the Purchaser in excess <br />of $3,275,250 will be credited to the Debt Service Fund hereinafter created. The City Clerk - <br />Treasurer is directed to deposit the good faith check of the Purchaser, pending completion of the <br />DJIC10 8 78 5 <br />LN140-52 <br />• <br />• <br />