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The Council then proceeded to cons ider and discuss the bids, after which member Curley introduced the following resolution and moved its adoption: RESOLlJI'ION ACCEPTING BID ON SALE OF $3,420,000 GENERAL OBLIGATION TAX INCREMENT OONDS, SERIES 2 AND PROVIDINJ FOR THEIR rSSJANCE WHEREAS: The City Council has heretofore determined that it is necessary and expedient to issue $3,420,000 General obligation Tax Increment Bonds, Series 2, pursuant to Minnesota Statutes, Chapters 273, 472A and 475 to finance land acquisition and certain capital and administration costs within Development District No.1 (the "District") (the "Project") in the City as set forth in the tax increment financing plans adopted December 16, 1985 (collectively the "Plan") adopted for Tax Increment Financing Districts No. l, 2, 3 and 4 (the "Tax Increment Districts") created by the City within the District: NOW THEREFORE, BE IT RESOLVED by the Council of the City of Roseville, Minnesota, as follows: 1 . The bid of First Nat' 1 Bank of St. Paul (the "Purchaser") to purchase ~8, '120,000 General Obligation Tax Increment Bonds, Series 2 of the City (hereinafter referred to as "Bonds" or individually as "Bond"), in accordance with the notice of bond sale, at the rates of inte~est hereinafter set forth, and to pay therefor the sum of $8,327,043.40plus interes t accrued to set Uement is hereby found, determined and declarated 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 December 1, 1985, as the date of original issue and shall be issued forthwith as fully registered bonds. The Bonds shall be numbered fran R-l upward in the denomination of $5,000 each or in any integral multiple thereof. The Bonds shall mature on February 1 in the years and amounts as follows: 2