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- 3 - the purchaser shall be retained pending delivery of the bon~s and payment of the full purchase price thereof, am. the Clerk shall forthm. th return the check of other bidders. Acting Mayor /i Att~ '--L ". / V~ The motion for the adoption of the foregoing resolution was duly seconded by Hember Keene, and upon vote being taken thereon, the following voted in favor thereof: All, and the following voted against the same: None, whereupon said resolution "'Tas declared duly passed'land adopted. .~ Trustee F1ana~an then introduced the following resolution and moved its <:> adoption: RESOLTJTION AUTHORIZING THE ISSUANCE OF BONffi TO FINANCE SANITARY SElNER IMP'OOVE1-1ENT NO. 3 AND ESTABLISHING THE FORM AND TEEMS OF $1,000,000 SANITARY SETJ'ffiR TMPROVEMENT BONDS, SER.IES G BE IT P..ESOLVED by the Council of the Village of Rosevi11e, :rt.innesota, as follows: 1. It is hereby found, determined and declared that the Village of Rosevil1e has by resolution, adopted August 7, 1959, after notice and hearing as prescribed by law, ordered the construction of an improvement pursuant to and in accordance with the provisions of Hinnesota Statutes, Chapter 429, designated as "Sanitary Sewer Improvement No.3" consisting of interceptor, trunk and lateral sewers, lift stations and force mains and service stubs required to provide sewerage service within the area to be assessed therefor, as described in said resolution; that contracts have been duly awarded to the lowest responsible bidders, after advertisement for competitive bids in the manner prescribed by law, covering the construction of a substantial portion of said improvement, and preliminary plans and specifications for the remainder thereof have been approved by this Council, and work on the final plans and specifications is now in progress; that the total cost of said improvement is presently estimated at $2,000,000.00; that it is necessary at this time to issue bonds pursuant to said Chapter 429 in the amount of $1,000,000.00 forthe purpose of financing payments to the contractors under the contracts heretofore awarded, and other costs of said improvement which have been incurred and are to be incurred in the near ~uture; that said bonds have been duly advertised and sold at public sale, and the contract. heretofore made and executed for the sale and delivery thereof is hereby approved, ratified ~jU confirmed; and that it is necessary at this time to establish a fund for the construction of said improvement, and to provide for the payment of said bonds, and of any additional bonds necessary to be issued to finance the completion of said improvement, out of the Sanitary Sewer Improvement Bond Sinking Fund heretofore ereated, all in accordance with said Chapter 429 and with Ninnesota . Statutes 1957, Section 475.61, and to prescribe the form and terms of said bonds in the manner herein set forth.