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<br />The Council proceeded to consider such bids. After <br />the bids had been considered and discussed, member 0..08 <br />introduced the following resolution and moved <br />its adoption: <br /> <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$1,130,000 GENERAL IMPROVEMENT <br />BONDS, SERIES 8 <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 fte rln~ "Ucmal aaak of st. .aul <br />to purchase '$1,130,000 General Improvement Bonds, 'Series 8 <br />of the City, in accordance with the notice of bond sale, <br />at the'rates of interest hereinafter set forth, and to pay <br />therefor the sum of $ 1,113,615.00 (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 payable as to <br />principal and interest at ~ riza~ ..t1oaal Baak of 8~. <br />..,,1 in S~. .aul, ll1aae1l4Ka <br />or any successor Paying Agent duly appointed by the City. <br /> <br />2. The $1,130,000 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 226 in number <br />and numbered from 1 to 226, 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 />$50,000 in the year 1977; and <br />$60,000 in each of the years 1978 to 1995, <br />both inclusive. <br /> <br />3. Said bonds shall provide funds for the construc- <br />tion of various improvements in the City. The total cost <br />of said improvements, including the cost of construction under <br />the terms of the lowest bid received, engineering, legal and <br />other professional charges, publication and printing costs, <br />interest accruing on money borrowed for the improvements before <br />the collection of special assessments levied therefor, and all <br />other costs necessarily incurred and to be incurred from the <br />inception to the completion of the improvements, is estimated <br />to be at least equal to the amount of the bonds herein author- <br />ized. Work on the improvements shall proceed with due dili- <br />gence to completion. <br /> <br />-2- <br />