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". ;' . Member 01_0 then introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING, SELLING AND ESTABLISHING THE TERMS OF $1,220,000 IMPROVEMENT BONDS, SERIES 2, AND APPROPRIATING SPECIAL ASSESSMENTS FOR THEIR PAYMENT BE IT RESOLVED by the Village Council of the Village of Arden Hills, Minnesota, as follows: Section 1. Authorization and Sale. . 1.01 Pursuant to the provisions of Minnesota Statutes, Sec- tion 429.091 the Council has by resolution issued and sold $1,735,000 Temporary Improvement Bonds, Series 3, dated as of January 1, 1970, maturing January 1, 1973, and subject to prepay- ment and redemption at the option of the Village on January 1, 1972; all for the purpose of financing costs incurred in the making of improvements. of special benefit to properties within the Village as stated in the resolution authorizing the bonds, dated December 18, 1969. The proceeds of the sale of the bonds were credited to the Village's Series 3 Temporary Improvement Bond Fund, together with all funds heretofore received as pay- ments and prepayments of special assessments and taxes levied to finance the cost of the improvements, and all income from the investment of the fund. All of the improvements have been sub- stantially completed, and all expenses thereof, including but not limited to interest on the Temporary Improvement Bonds, have been paid or provided for by the establishment of sufficient re- serves, and the balance in the fund is now sufficient and is appropriated for payment of the principal amount of $535,000 of the Temporary Improvement Bonds. All other moneys, if any, re- maining in the fund fn excess of said reserves; interest and principal, and all future collections of special assessments and taxes levied for the improvements, shall be credited and paid into the Improvement Bond Sinking Fund referred to below. 1.02 It is hereby found, determined and declared necessary and expedient for the Village of Arden Hills to issue and sell its general obligation improvement bonds in the amount of $1,200,000 to provide funds for the purpose of paying the re- maining cost of said local improvements including the redemption and prepayment of all of the Temporary Improvement Bonds, Series 3 on January 1, 1972, pursuant to Minnesota Statutes, Section 429.091, and in the additional amount of $20,000, representing a part of the interest cost of the issue, pursuant to Minnesota Statutes, Section 475.56. -2-