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<br /> .. .
<br /> Councilman Herrick then introduced the following resolution and
<br /> moved its adoption:
<br /> RESOLUTION AUTHORIZING, SELLING AND ESTABLISHING
<br /> THE TERMS OF $1,200,000 IHPROVEMENT BONDS, SERIES
<br /> 1, AND APPROPRIATING SPECIAL ASSESSMENTS FOR THEIR
<br /> PAYMENT
<br /> BE IT RESOLVED by the Village Council of the Village of Arden Hills,
<br /> Minnesota, as follows:
<br /> Section 1. Authorization and Sale.
<br /> 1.01 Pursuant to the provisions of Minnesota Statutes, Section 429.091, this
<br /> Council by resolution authorized the issuance of $730,000 Temporary Improvement
<br /> Bonds, Series 1 on January 4, 1968, and the issuance of $535,000 Temporary Improve-
<br /> ment Bonds, Series 2 on November 6, 1968, all bonds of each series to mature on
<br /> January I, 1971, for the purpose of financing the costs incurred and to be in-
<br /> curred in the making of Water Improvements 68-1, 67-1 and 67-2, Street Improve-
<br /> ments 6 and 7 and Sanitary Sewer Improvements 7 and 8. The proceeds of the sale
<br /> of Series 1 bonds were credited to Improvement Fund 506 from which the following
<br /> costs were paid in respect to each of the designated improvements:
<br /> Water Improvement 67-1 $567,010
<br /> Water Improvement 67-2 62,703
<br /> Street Improvement 6 18,619
<br /> Street Improvement 7 7,459
<br /> Sanitary Sewer Improvement 7 16,087
<br /> Sanitary Sewer Improvement 8 21,039
<br /> Total $692,817
<br /> After payment of such costs the balance of said fund, $160,483, was transferred to
<br /> the Series 2 Temporary Improvement Bond Fund. The proceeds of the sale of the
<br /> Series 2 bonds were credited to Improvement Fund 507 from which the costs of
<br /> Water Improvement 68-1, in the amount of $530,568, were paid. The balance of
<br /> said fund, $179,959, was transferred to the Series 2 Temporary Improvement Bond
<br /> Fund. From the Series 1 and 2 Temporary Improvement Bond Funds, the sum of
<br /> $134,805 is appropriated for the payment of principal and interest to become
<br /> due on January I, 1971, on the Series 1 and 2 Temporary Improvement Bonds. The
<br /> balance remaining in each of the funds shall be transferred to the Improvement
<br /> Bond Sinking Fund hereinafter established to be used for purposes therein author-
<br /> ized.
<br /> 1.02 It is hereby found, determined and declared necessary and expedient for
<br /> the Village of Arden Hills to issue and sell its general obligation improvement
<br /> bonds in the amount of $1,180,000 to provide funds for the purpose of paying the
<br /> cost of said local improvements including the retirement of the Temporary Improve-
<br /> ment Bonds, Series 1 and 2, maturing on January 1, 1971, pursuant to Minnesota
<br /> Statutes, Section 429.021, and in the additional amount of $20,000, representing
<br /> a part of the interest cost of the issue, pursuant to Minnesota Statutes, Section
<br /> 475.56.
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