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<br />The Council proceeded to consider and discuss the <br />bids, after which member Hick. introduced the <br />following resolution and moved its adoption: <br />~6'4? d'.:? - /i{6- <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$3,355,000 GENERAL OBLIGATION TEMPORARY <br />IMPROVEMENT BONDS OF 1982 <br />PROVIDING FOR THEIR ISSUANCE <br /> <br />. <br /> <br />BE IT RESOLVED by the Council of the City of Arden <br />Hills, Minnesota, as follows: <br />'Jb8 :r1nt <br />1. The bid of Natj......l s.nk of Saint IlIul. to <br />purchase $3,355,000 General Obligation Temporary Improvement <br />Bonds of 1982 of the City, in accordanc~ with the notice of <br />bond sale, at the rates of interest hereinafter set forth, and <br />to pay therefor the sum of $ 3,328,193.55 is hereby found, <br />determined and declared to be the most favorable bid received, <br />and is hereby accepted and the bonds are hereby awarded to said <br />bidder. The City Clerk-Administrator is directed to retain the <br />deposit of said bidder and to forthwith return the good faith <br />checks or drafts to the unsuccessful bidders. The bonds shall <br />be payable as to principal and interest at 'Jb8 I'1zsi: Na1:kInIIl BImk <br />of Sldnt 1lIul., R. 1lIul., MLm, or any successor paying agent duly <br />appointed by the City. <br /> <br />2. The $3,355,000 negotiable coupon general obliga- <br />tion bonds of the City shall be dated May 1, 1982 and shall be <br />issued forthwith. The bonds shall be 671 in number and <br />numbered fram 1 to 671, both inclusive, in the denomination of <br />$5,000 each. The bonds shall mature on May 1, 1985. <br /> <br />3. The bonds shall provide funds for the construc- <br />tion of various improvements in the City. The total cost of <br />the improvements, which shall include all costs enumerated in <br />Minnesota Statutes, Section 475.65, is estimated to be at least <br />equal to the amount of the bonds herein authorized. Work on <br />the improvements shall proceed with due diligence to <br />completion. <br /> <br />. <br /> <br />4. The bonds shall bear interest payable November 1, <br />1982 and semiannually thereafter on May 1 and_Nov~~ 1_0-1' ..... <br />each year at the rate per annum of Bl.~ and ~- ~;;'!._..... <br />percent (8.,,). <br /> <br />. <br /> <br />I <br />i <br />.1 <br />