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The Council then proceeded to consider and discuss <br />the bids, after which member _ Piayor Eggert introduced <br />• the following resolution and moved its adoption: <br />R-85-68 <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$745,000 GENERAL OBLIGATION TAX INCREMENT <br />BONDS OF 1985, SERIES B, <br />PROVIDING FOR THEIR ISSUANCE ACED <br />PLEDGING TAX INCREMENTS FOR THE SECURITY THEREOF <br />WHEREAS: <br />A. The City Council of the City of Falcon Heights <br />has heretofore created Development District No. 1 (the <br />"Development District") pursuant to the provisions of Minnesota <br />Statutes, Chapter 472A, and has approved a development program <br />(the "Program") with respect to the Development District; <br />B. The Council has also approved a tax increment <br />financing plan (the "Plan") and created Economic Development <br />District No. 1-3 within the Development District (the "Tax <br />Increment District") under the provisions of Minnesota <br />Statutes, Sections 273.71 through 273.78; <br />C. Pursuant to the provisions of the Program and the <br />Plan, funds are to be expended within the Development District <br />. for certain capital and administrative costs of the Development <br />District, specifically costs of acquiring land and making <br />certain public storm drainage and sewer improvements <br />(hereinafter referred to as the "Project"); <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Falcon Heights, Minnesota, as follows: <br />1. Acceptance of Offer. The bid of <br />t e Purchaser") to pure ase , <br />General Obligation Tax Increment Bonds of 1985, Series B, of <br />the City (hereinafter referred to as the "Bonds" or <br />individually as a "Bond"), in accordance with the notice of <br />bond sale, at the rates of interest hereinafter set forth, and <br />to pay therefor the sum of $ plus interest accrued <br />to settlement is hereby found, determined and declared to be <br />the most favorable bid received and is hereby accepted, and the <br />Bonds are hereby awarded to said bidder. The Clerk-Treasurer <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. <br />• 2 <br />