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<br />, <br /> <br />.', <br /> <br />. <br />. <br /> <br />. <br /> <br />.u.. <br /> <br />. <br /> <br />The Council then proceeded to consider such bids. <br />After the bids had been considered and discussed, member <br />CW~... introduced the following resolution <br />and moved its ~ption: _ -. :41 <br />~{/W 77-/0 <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$500,000 GENERAL OBLIGATION <br />REFUNDING BONDS OF 1977 <br />pROVIDING FOR THEIR ISSUANCE AND DETERMINING <br />THE FORM AND DETAILS THEREOF <br /> <br />BE IT RESOLVED by the Council of the city of <br />Arden Hills, Minnesota, as follows: <br /> <br />'1. That the bid of 'IIIIII..UM 1IHu..1 .... .. ft. '.d. <br />to purchase $500,000 General Obligation Refunding Bonds of <br />1977 of the City (hereinafter "Refunding Bonds"), in accor- <br />dance with the notice of bond .sa1e, at the rates of interest <br />hereinafter set forth, and to pay therefor the sum of $ 101.... <br />(plus a premium of .10 ) is hereby found, determined and <br />declared to be the most favorable bid received, and is hereby <br />accepted and said bonds are hereby awarded to said bidder. <br />The City Clerk is directed to retain the deposit of said <br />bidder and to forthwith return the good faith checks or <br />drafts to the unsuccess~ul bidders. Said Refunding Bonds <br />shall be payable as to principal and interest at _ ~. <br />".~1 .... of ... ..-1 ia ... ,.-1. _ , or any successor <br />paying agent duly appointed by the City. <br /> <br />2. The $500,000 negotiable coupon general obliga- <br />tion Refunding Bonds of the City sh~ll be dated February 1 <br />and shall be issued forthwith. Said bonds shall be 100 in <br />number and numbered from 1 to 100, both inclusive, in the <br />denomination of $5,000 each. Said bonds shall mature serially, <br />lowest numbers first in the amount of $50,000 on May 1 <br />in each of the years 1979 to 1988, both inclusive. <br /> <br />3. Said Refunding Bonds, together with other avail- <br />able funds, shall provide funds to refund the city's outstanding <br />Improvement Bonds, Series 1, dated November 1, 1970, maturing <br />in the years 1981 through 1988 (hereinafter "Refunded Bonds"), <br />pursuant to Minnesota Statutes, Section 475.67. Said refunding <br />is desirable for the reduction of interest cost to the City <br />and for the adjustment of maturities of the Refunded Bonds in <br />relation to the resources available for their payment. <br /> <br />-2- <br />