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<br />The Council proceeded to consider such bids. <br />After the bids had been considered and discussed, member <br />nrAQ4l introduced the following resolution <br />and moved its adoption: <br /> <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$1,600,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS, SERIES 9 <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 The ~rican National Bank , Truat Co., <br />at. Paul, MNto purchase $1,600,000 General Obligation Improvement Bonds, <br />Series 9 of the City, in accordance with the notice of bond <br />sale, at the rates of interest hereinafter set forth, and to <br />pay therefor the sum of$1,SQ2,eOO is hereby found, <br />determined and declared to be the most favorable bid received, <br />and is hereby accepted and said bonds are hereby awarded to <br />said bidder. The City Manager is directed to retain the <br />deposit of said bidder and to forthwith return the good <br />faith checks or drafts to the unsuccessful bidders. Said <br />bonds shall be payable as to principal and interest at The <br />AMrican Na tiODal BaDk ''l'rwIt CODipany , St. paul , Minn..ota r <br />or any successor paying agent duly appointed by the City. <br /> <br />2. The $1,600,000 negotiable coupon general <br />obligation bonds of the City shall be dated November 1, 1977 <br />and shall be issued forthwith. Said bonds shall be 320 in <br />number and numbered from 1 to 320, both inclusive, in the <br />denomination of $5,000 each. Said bonds shall mature <br />serially, lowest numbers first, on November 1 in the years <br />and amounts as follows: <br /> <br />$80,000 in each of the years 1979 to 1981, <br />both inclusive; and <br />$85,000 in each of the years 1982 to 1997, <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, which shall include all costs enumerated <br />in Minnesota Statutes, Section 475.65, is estimated to be at <br />least equal to the amount of the bonds herein authorized. <br />Work on the improvements shall proceed with due diligence to <br />completion. <br />