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<br />. <br /> <br />The Council proceeded to consider and discuss the <br />bids, after which member Hansen introduced the <br />following resolution and moved its adoption: <br />No, 85-63 <br />RESOLUTION ACCEPTING BIO ON SALE OF <br />$2,320,000 GENERAL OBLIGATION <br />ADVANCE REFUNDING BONDS OF 1985 <br />AND PROVIDING FOR THEIR ISSUANCE <br /> <br />BE IT RESOLVED by the Council of the City of Arden <br />Hills, Minnesota, as follows: <br /> <br />1. The bid of Dain Bosworth, Inc. (the "Purchaser") <br />to purchase $2,320,000 General Obligation Advance Refunding <br />Bonds of 1985 of the City (hereinafter referred to as "Bonds" <br />or individually as "Bond"), in accordance with the notice of <br />bond sale, at the rates of interest hereinafter set forth, and <br />to pay therefor the sum of $2,293,320, plus interest accrued to <br />settlement is hereby found, determined and declared to be the <br />most favorable bid received and is hereby accepted, and the <br />Bonds are hereby awarded to said bidder. The Clerk is directed <br />to retain the deposit of said bidder and to forthwith return <br />the good faith checks or drafts to the unsuccessful bidders. <br /> <br />2. The Bonds shall be dated December 15, 1985, as <br />the date of original issue and shall be issued forthwith as <br />fully registered bonds. The .Bonds shall be numbered from R-l <br />upward in the denomination of $5,000 each or in any integral <br />mUltiple thereof. The Bonds shall mature on December 1 in the <br />years and amounts as follows: <br /> <br /> . <br />1986 $330,000 1991 $225,000 <br />1987 $325,000 1992 $160,000 <br />1988 $375,000 1993 $150,000 <br />1989 $360,000 1994 $125,000 <br />1990 $270,000 <br /> <br />3. The Bonds, together with other available funds, <br />shall provide funds to advance refund the outstanding General <br />Obligation Improvement Bonds of 1985, dated April I, 1985 <br />(hereinafter "Refunded Bonds") of the City. it is hereby <br />found, determined and declared that such refunding is pursuant <br />to Minnesota Statutes, Section 475.67 and shall result in a <br />reduction of debt service cost to the City from a total dollar <br />cost of $ 3,444,470. for the Refunded Bonds to a total dollar <br />cost of $2.933.916.11 for the Refunding Bonds, computed in <br /> <br />. <br /> <br />2 <br />