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<br />The Council then proceeded to consider and discuss <br />the bids, after which member Curley introduced the <br />following resolution and moved its adoption: <br /> <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$16,525,000 GENERAL OBLIGATION BONDS <br />OF 1985, CONSISTING OF $2,225,000 GENERAL <br />OBLIGATION STATE-AID HIGHWAY BOclDS AND <br />$14,300,000 GENERAL OBLIGATION TAX INCREMENT <br />BONDS, SERIES 1 AND PROVIDING FOR THEIR ISSUANCE <br /> <br />WHEREAS: <br /> <br />The City Council has heretofore determined that it is <br />necessary and expedient to issue ~14,300,000 General Obligation <br />Tax Increment Bonds, Series 1, pursuant to Minnesota Statutes, <br />Chapters 273, 472A and 475 to finance land acquisition and <br />certain capital and administration costs within Development <br />District No.1 (the "District") (the "Project") in the City as <br />set forth in the tax increment financing plans adopted <br />December 16, 1985 (collectively, the "Plan") adopted for Tax <br />Increment Financing Districts No.1, 2, 3 and 4 (the "Tax <br />Increment Districts") created by the City within the District; <br /> <br />NOW THEREFORE, BE IT RESOLVED by the Council of the <br />City of Roseville, Minnesota, as follows: <br /> <br />1. The bid of First Nat'l Bank St. Paul (the <br />"Purchaser") to purchase $16,525,000 General Obligation Bonds <br />of 1985, consisting of $2,225,000 General Obligation State-Aid <br />Highway Bonds (the "Highway Bonds") and $14,300,000 General <br />Obligation Tax Increment Bonds, Series 1 (the "Series 1 Bonds") <br />of the City (hereinafter collectively referred to as "Bonus" 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 $ 16,344r377.5~,plus interest accrued to <br />settlement is hereby found, determined ana declarated to be tne <br />most favorable bid received and is hereby accepted, and the <br />Bonds are hereby awarded to said bidder. The City Manager 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 December 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 February 1 in the years and <br />amounts as follows: <br /> <br />2 <br />