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• <br />Councilmember <br />then introduced the <br />Ciernia <br />following resolution and moved its adoption: <br />RESOLUTION N0. R-90-9 <br />RESOLUTION RELATING TO $115,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS OF 1990; AWARDING THE SALE, <br />FIXING THE FORM AND DETAILS AND PROVIDING FOR THE <br />EXECUTION AND DELIVERY THEREOF AND SECURITY <br />THEREFOR AND LEVYING AD VALOREM TAXES FOR THE <br />PAYMENT THEREOF <br />BE IT RESOLVED by the City Council of the City of <br />Falcon Heights, Minnesota (the City), as follows: <br />Section 1. R~~itals. Authorizatin„ and Sale of Bonds. <br />• <br />1.01. Authorization. This Council has heretofore <br />ordered a local improvement project (the Improvement), to be <br />constructed within the City under and pursuant to Minnesota <br />Statutes, Chapter 429. The present estimated total cost of the <br />Improvement is as follows: <br />Project Costs ...................... $103,042 <br />Costs of issuance .................. 5,800 <br />Discount Allowance ................. 1,725 <br />Capitalized Interest ............... 7,300 <br />a~e~e~ ........................ <br />Subtotal ..... ................ $117.867 <br />..., =o<,.a.~ e.~~,~o .............. <br />Less Interest Earnings ............. -2,867 <br />Total ......................... $11_,_ 00 <br />This Council hereby determines to issue and sell $115,000 <br />principal amount of General Obligation Improvement Bonds of <br />1990, of the City (the Bonds) to defray the expense incurred <br />and estimated to be incurred by the City in making the <br />Improvement, including every item of cost of the kinds <br />authorized in Minnesota Statutes, Section 475.65, and $1,725 <br />representing interest as provided in Minnesota Statutes, <br />Section 475.56. <br />1.02. Sale of Bonds. Notice of the sale of the Bonds <br />was duly published as required by Minnesota Statutes, Section <br />475.60. Pursuant to the Notice of Bond Sale and the Terms and <br />Conditions of Sale, five sealed bids for the purchase of the <br />Bonds were received at or before the time specified for receipt <br />of bids. The bids have been opened and publicly read and <br />considered, and the purchase price, interest rates and net <br />interest cost under the terms of each bid have been <br />determined. The most favorable proposal received is that of <br />Dan Bosworth, Inc. of _M;nnPa~~iS Minnesota <br />• (the Purchaser), to purchase the Bonds at a price of <br />$ 113,706.25 the Bonds to bear interest at the rates set <br />