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~ . . The Council proceeded to consider such bids. After the bids had been considered and discussed, member .---~ introduced the following resolution and move its adoption: RESOLUTION ~ ~ JJ'IALE OF $l,765,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 3 PROVIDING FOR THEIR ISSUANCE BE IT RESOLVED by the Council of the City of Arden Hills, Minnesota, as follows: 1. That the bid of ~ - r -.. -- .--r-t.-- to purchase $1,765,000 General Ob igat on Improvement Bonds, Series 3 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 1....' .11$ is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said bonds are hereby awarded to said bidder. The Clerk Administrator is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Said bonds shall be payable as to principal and interest at tbe -.1. .ffl .f .... "~'_el ... .f U 111 e. _....ta or any successor pay~ng agent du y appo~nte C~ty. 2. The $i,765,000 negotiable coupon general obligation bonds of the City shall be dated November l, 1977 and shall be issued forthwith. Said bonds shall be 353 in number and numbered from 1 to 353, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, on November 1 in the years and amounts as follows: $95,000 in each of the years 1979 to 1989, both inclusive; and $90,000 in each of the years 1990 to 1997, both inclusive. . 3. Said bonds shall provide funds for the con- struction of various improvements in the City. The total cost of said improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the improvements shall proceed with due diligence to completion.