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The Council then proceeded to consider and discuss the bids, after which member Johnson introduced the following resolution and moved its adoption: RESOLUTION 7820 RESOLUTION ACCEPTING BID ON SALE OF $2,885,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 12 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the City of Roseville, Minnesota, as follows: American National Bank and 1. The bid of Trust Company (the "Purchaser") to purchase $2,885,000 General Obligation Improvement Bonds, Series 12 of the City (hereinafter referred to as "Bonds" or individually as "Bond"), in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 2,836,667, plus interest accrued to settlement is hereby 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 directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. 2. The Bonds shall be dated November 1, 1985, as the date of original issue and shall be issued forthwith as fully registered bonds. The Bonds shall be numbered from R-l upward in the denomination of $5,000 each or in any integral multiple thereof. The Bonds shall mature on November 1 in the years and amounts as follows: 1988 - 1991 1992 - 1995 1996 - 2001 2002 $180,000 $190,000 $200,000 $205,000 3. The Bonds shall provide funds for the construc- tion of various improvements (the "Improvements") in the City. The total cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds herein authorized. Work on the Improvements shall proceed with due diligence to completion. 2