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- 2 - It was noted that each of the bidding acconnts, headed by the First National Bank of St. Paul and The American National Bank of St. Paul, respectively, submi.t.t.ed two alternate bids: Bid No.1 providing interest rates ascending in relation to the length of the maturities of the bonds, and Bid No.2 providing a substantially lower interest rate for the latest maturing bonds. The latter type of bid in each case produces a lower net interest cost than the former, if interest cost is computed to the stated maturities of the bonds, but in each case the lower rate on the longest maturing bonds is offset by the stipulation of a large amount of additional interest on the bonds, to be represented by separate and detachable coupons, resulting in a total rate of 6% per annum during the early years of the maturity schedule. Upon motion duly made by Trustee Flanagan, seconded by Clerk Keene, and carried by the unanimous vote of all members present, it was determined that Bid No. 2 of each of the bidding accounts be rejected, for the reason that a commitment to pay 6% interest on the bonds for a substantial period during the early portion of the maturity schedule would increase unduly the burden of principal and interest payments resting upon the taxpayers during this period; the maturity schedule set forth in the notice of sale having been devised so as to distribute this burden equitably, in the Board's opinion, over the entire term of the bonds, assuming the normal pattern of interest rates; in consequence of which Bid No. 1 of each bidding account is deemed more favorable wi thin the meaning of the notice of sale published under the Board's direction. The Board then proceeded to the consideration of Bid No. 1 offered by each bidding account. Trustee Flanagan introduced the following resolution and moved its adoption: R,ESOLUTION MvARDING SALE OF $1,000,000 Sanitary Sewer Improvement Bonds, Series G BE IT RESOLVED by the Council of the Village of Rosevi11e, Minnesota, that advertisement for bids for the purchase of $1,000,000 Sanitary Sewer Improvement Bonds, Series G, has been duly published and all bids received pursuant thereto have been opened and considered, and the highest a~d best of such bids is that of The First National Bank of St. Paul of St. Paul, Minnesota, to purchase the bonds at a price of par and accrued interest plus a premium of $.00, the bonds maturing in the years set forth below to bear interest at the respective rates per annum set opposite such maturity years: Maturity Years Interest Rates 1962 - 1968 1969 - 197.3 1974 - 1977 1978 - 1981 4.10% 4.30% 4.40% 4.50% and each and all of the bonds to bear additimna1 interest, represented by separate "BII coupons, at the rate of 1.50% per annum for the limited period from July 16, 1960, to December 1, 1961. Said bid shall be and is hereby accepted, and the Mayor and Village Clerk are hereby authorized forthwith to endorse such acceptance on a copy of said bid and return the same to said bidder. The good faith check furnished by