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After due consideration of the proposals, Member Kuether then <br />introduced the following written resolution and moved its adoption the reading of <br />which had been dispensed with by unanimous consent: <br />RESOLUTION NO. 92-42 <br />A RESOLUTION AWARDING THE SALE OF $1,060,000 GENERAL <br />OBLIGATION WATER REVENUE BONDS, SERIES 1992B; <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 <br />County, Minnesota (City) as follows: <br />Section 1. Sale of Bonds. <br />1.01. Theproposalof Piper, Jaffray & Hopwood Incorporated (Purchaser) <br />to purchase $1,060,000 General Obligation Water Revenue Bonds, Series 1992B <br />(Bonds) of the City described in the Terms of Proposal thereof is found and <br />determined to be the highest and best proposal received and is accepted, the <br />proposal being to purchase the Bonds at a price of $ 1,044,100 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 />1994 4.50% 2002 6.40% <br />1995 5.10 2003 6.50 <br />1996 5.25 2004 6.60 <br />1997 5.50 2005 6.70 <br />1998 5.75 2006 6.70 <br />1999 6.00 2007 6.80 <br />2000 6.15 2008 6.80 <br />2001 6.30 <br />True interest rate: 6.6720% <br />1.02. The sum of $ -0- being the amount proposal by the Purchaser <br />in excess of $1,044,100 will be credited to the Debt Service Fund hereinafter <br />created. The City Clerk -Treasurer is directed to retain 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 Clerk -Treasurer <br />are directed to execute a contract with the Purchaser on behalf of the City. <br />1.03. The City shall forthwith issue and sell the Bonds in the total principal <br />amount of $1,060,000, originally dated April 1, 1992, in the denomination of $5,000 <br />each or any integral multiple thereof, numbered No. R-1, upward, bearing interest <br />as above set forth, and which mature serially on February 1 in the years and <br />amounts as follows: <br />SNG31647 <br />LN140-23 <br />