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<br />~ , <br /> <br />the <br />the <br /> <br />The COuncil then proceed,d to consider and discuss <br />bids, after which member Hicks,. introduced <br />following resolution and moved lts adgption: <br />RESOLUTION NO, 85-14 <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$2,515,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS OF 1985 <br />PROVIDING FOR THEIR ISSUANCE AND.LEVYING <br />A TAX FOR THE PAYMENT THEREOF <br /> <br />. . <br /> <br />. <br /> <br />BE IT RESOLVED by the COuncil of the City of Arden Hills, <br />Minnesota, as follows: <br />The First National Bank of <br />1. The bid of St. Paul, Minnesota (the "purchaser") <br />to purchase $2,515,000 General Obl:Lgation Improvement Bonds of <br />1985 of the City (hereinafter referred to as "Bonds" or <br />individually as "Bond"), in accordance with the notice of bond <br />sale, at the rates of interest hereinafter set forth, and to <br />pay therefor the sum of $ 2,482,305.00 , plus interest accrued <br />to settlement is hereby found, determined and declared to be <br />the most favorable bid received and is hereby accepted, and the <br />Bonds are hereby awarded to said bidder. The City Clerk is <br />directed to retain the deposit of said bidder and to forthwith <br />return the good faith checks or drafts to the unsuccessful <br />bidders, <br /> <br />2. The Bonds shall be dated April 1, 1985. as the <br />date of original issue and shall be issued forthwith as fully <br />registered bonds, The Bonds shall be numbered from R-l upward <br />in the denomination of $5.000 each or in any integral multiple <br />thereof, The Bonds shall mature on December 1 in the years and <br />amounts as follows: <br /> <br />1986 - 1989 $350,000 <br />1990 $250,000 <br />1991 $200,000 <br />1992 - 1993 $150,000 <br />1994 - 1995 $125,000 <br />1996 $115,000 <br /> <br />. <br /> <br />3. The Bonds shall provide funds for the following <br />purposes: (i) to refund at maturity the City's outstanding <br />General Obligation Temporary Improvement Bonds of 1982, dated <br />May 1, 1982 (the "Temporary Bonds") (the "Refunding"); (ii) to <br />refinance the cost of various improvements heretofore <br />internally financed by the City from borrowed funds (the <br />"Unfunded Improvements"): and (iii) to provide funds for the <br />construction of new improvement projects in the City (the "New <br />Improvements") . The total cost of the Refunding, refinancing <br />the Unfunded Improvements and constructing the New <br /> <br />2 <br />