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. . . Councilman Ben4eraoithen introduced the following resolution and moved its adoption: Rl!SOLUTION AWARDING SALE OF $575,000 TEMPORARY IMPROVEMENT . BONDS, SERIES 2 BE IT RESOLVED by the Council of the Village of Arden Hills, Minnesota, that the bid of The Firat National Bank of Saint Paul , Of4.1: ..~' ~ag.ta ' r1>l' n-nill1B1 .---i ;and.., to purchase $575,000 . Te orary ovemen on , Series 2 of the Village of Arden Hills to be dated October 1, 1968, in accordance with the notice of sale heretofore duly issued by the Village, is hereby found and declared to be the highest and best bid received for the purchase of said bonds, and should be and is hereby accepted, said bid being to purchase said bonds at a price of par and accrued interest plus a premium of $11,500 the bonds to bear interest at the rate of'4 .40 % per annum. The Village Treasurer is directed to retain the good faith check of said successful bidder pending completion of the sale and delivery of said bonds, and the checks of unsuccessful bidders shall be forthwith returned to them. The motion for the adoption of the foregoing resolution was duly seconded by COUDcilJlan Olmen ' and upon vote being taken thereoo, the following voted in favor thereof: All and the following voted against the same: None whereupon the resolution was declared duly passed and adopted. COUDci1Dlan 1IendeT.on then introduced the following resolution and moved its adoption: RESOLUTION l!STABLISHING THE FORM AND TEms OF $575,000 TEMPORARY Il>lpllOvm-lENT BONDS, SERIES 2 BE IT RESOLVED by the Village Council of the Village of Arden Hills, Minne- sota, as follows: 1. - In accordance with the provisions of Minnesota Statutes, Chapter 429 the Village has by resolution adopted by the requisite majority of the members of this Council, pursuant to hearings duly held, ordered the construction of Water Im- provement No. 68-1, and has awarded a contract to the lowest responsible bidder for the furnishing of part or all of the work and materials required for the improvement, . pursuant to advertisement for bids theretofore published in accordance with law. The presently estimated expense incurred and to be incurred in the making of said im- provement, in excess of other funds on hand and appropriated therefor, is $575,000. It is necessary at this time to borrow the sum of $575,000 by the issuance of tem- porary improvement bonds pursuant to the provisions of Minnesota Statutes, Section . 429.091, Subdivision 3, for the purpose of pa;ying expenses incurred and estimated to be incurred in making the improvement. Bonds in this amount have been duly adver- tised and sold at pUblic sale and shall now be issued in accllrdance with the provi- sions of this resolution. 2. The bonds so to be issued shall be designated Temporary Improvement Bonds, Series 2, and shall be in substantially the following form: -3-