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<br />The Council proceeded to consider such bids. <br />After the bids had been considered and discussed, meDber <br />o.moa introduced the following resolution <br />and moved its adoption: <br /> <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$850~000 GENERAL OBLIGATION CITY HALL BONDS <br />PROVIDING FOR THEIR ISSUANCE AND LEVYING <br />A TAX FOR THE PAYMENT THEREOF <br /> <br />BE IT RESOLVED by the Council of the City of <br />Roseville~ Minnesota, as follows: <br /> <br />1. That the bid of~. Firat ..tioaal aank of st.. .a\11 <br />to purchase $850,000 General Obligation City Hall Bonds <br />of the City, in accordance with the notice of bond sale, <br />at the rates of interest hereinafter set forth, and to Qay <br />therefor the sum of $837,675.00 (plus a premium of -0- ) <br />is hereby found, determined and declared to be the most <br />favorable bid received~ and is hereby accepted and said <br />bonds are hereby awarded to said bidder. The City Manager <br />is directed to retain the deposit of said bidder and to <br />forthwith return the good faith checks or drafts to the <br />unsuccessful bidders. Said bonds shall be ~ay~e as to <br />principal and interest at 7be Firat ..tiDDa~ . O~ St.. <br />Paul 1ft st.. paul, Minn.aot.. <br />, <br />or any successor Paying Agent duly appointed by the City. <br /> <br />2. The $850,000 negotiable coupon general obliga- <br />tion bonds of the City shall be dated May 1, 1975 and shall <br />be issued forthwith. Said bonds shall be 170 in number <br />and numbered from 1 to 170, both inclusive, in the denomination <br />of $5,000 each. Said bonds shall mature serially, lowest <br />numbers first.on May 1 in the years and amounts as follows: <br /> <br />$40~000 in each of the years 1977 to 1984, <br /> both inclusive; <br />$45,000 in each of the years 1985 to 1988, <br /> both inclusive; and <br />$50,000 in each of the years 1989 to 1995, <br /> both inclusive. <br /> <br />3. Said bonds shall provide funds for the acquisition <br />and betterment of a new City Hall. The total cost of said <br />project, including the cost of construction under the terms <br />of the lowest bid received, engineering, legal and other <br />professional charges, publication and printing costs~ interest <br />accruing on money borrowed for the project before the collection <br />of taxes levied therefor, and all other costs necessarily <br />incurred and to be incurred from the inception to the completion <br />of the project, is estimated to be at least equal to the <br />amount of the bonds herein authorized. Work on the project <br />shall proceed with due diligence to completion. <br /> <br />-2- <br />