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The Council proceeded to consider and discuss the bids, after which member ~~hn,on introduced the following resolution and moved ~ts adoption: RESOLUTION ACCEPTING BID ON SALE OF $5,125,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 11 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF AND CALLING FOR REDEMPTION OF $3,420,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS OF 1981 WHEREAS: A. The City Council of the City of Roseville by resolution adopted October 28, 1981 has authorized the issuance and sale of $3,420,000 General Obligation Temporary Improvement Bonds of 1981 of the City (hereinafter lithe Prior Bondsll) to provide interim financing of the construction of various improvements in the City. B. The Prior Bonds are subject to redemption and prepayment on October 1, 1982 and any semiannual interest payment date thereafter at par and accrued interest, and the City Council deems it desirable and in the best interests of the City to redeem the Prior Bonds on the October 1, 1983 interest payment date. C. The City Council deems it is necessary and expedient to issue $5,125,000 General Obligation Improvement Bonds, Series 11 to refund, in part, the Prior Bonds of the City and to finance the construction of various improvements in the City. NOW THEREFORE BE IT RESOLVED by the Council of the City of Roseville, Minnesota, as follows: The Firat National Bank of l. The bid of f1At nt PAul Sf': pau1 MN to purchase $5,125,000 General Obligat~on Improv~ment Bond~, Series 11 of the City, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 5 035 312650 plus interest accrued to settlement is tereby found, determined and declared to be the most favorable bid received, and is hereby accepted and the bonds are hereby awarded to said bidder. The City Manager is