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The Council then proceeded to consider such bids. After the bids had been considered and discussed, member Anderson introduced the following resolution a~d moved its adoption: RESOLUTION NO. 5833 RESOLUTION ACCEPTING BID ON SALE OF GENERAL IMPROVEMENT BONDS SERIES 7 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the Village of Roseville Minnesota, as follows: 1. That the bid of The First National B~nk of' S~int Paul to purchase $2,040,000 General Improvement Bonds Series 7 of the Village, in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $26005,932.00 (plus a premium of 0.00 ) is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said bonds are hereby awarded to said bidder. The Village Manager is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Said bonds shall be payable 'as to principal and interest at the First National' Bank' of" , . Saint Paul, in St. Paul., Minnesota 2. The $2,040,000 negotiable coupon general oLliga- tion bonds of the Village shall be dated May I, 1972 and shall be issued forthwith. Said bonds shall be 408 in number and numbered from 1 to 408, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, on May 1 in the years and amounts as follows: $ 40,000 $100,000 in the year 1973, in each of the years 1974 to 1993, both inclusi ve. 3. Said bonds shall provide funds for the construc- tion of various improvements in the Village, collectively consolidated and referred to as Consolidated Improvement of 1972. The total cost of said improvements, including the cost of construction under the terms of the lowest bid received for each phase thereof, engineering, legal and other professional charges, publication and printing costs, interest accruing on money borrowed for the improvements before the collect50n of special assessments levied therefor, and all other costs necessarily incurred and to be incurred from the inception to the completion of the improvements, is estimated to be at least equal to the amount of the bonds herein authorized. -2-