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RESOLUTION 81t-39 The Council then proceeded to consider and discuss the bids, after which member StP~h _n Ham introduced the following resolution and moved its adoption: RESOLUTION NO. 84-39: RESOLUTION ACCEPTING BID ON SALE OF $600,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1984, SERIES B AND PROVIDING FOR THEIR ISSUANCE BE IT RESOLVED by the Council of the City of Falcon Heights, Minnesota, as follows: 1. The bid of the First National Bank of St.P(the "Purchaser") to purchase 600,000 General Obligation Tax Increment Bonds of 1984, Series B of the City (hereinafter referred to as "Bonds" or individually. as "Bond"), in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 588,240.00 plus interest accrued to settlement is hereby foun etermined and declared to be the most favorable bid received, and is hereby accepted and the Bonds are hereby awarded to said bidder. The Clerk-Administrator is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. 2. The Bonds shall be dated November 1, 1984, as the date of original issue and shall be issued forthwith as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or any integral multiple thereof. The Bonds shall mature on February 1 in the years and amounts as follows: 1988 $ 5,000 1989 $10,000 1990 $15,000 1991-1995 $25,:000 ~" 199 - $~,C~ 199?:-2,000- $)t0000 2,001-2,005 $50,000 3. For the purposes of complying with Minnesota Statutes, Section 475.54, Subdivision 1, the maturity schedule for the Bonds has been combined with the maturity schedule for the City's outstanding $525,000 General Obligation Tax Increment Improvement Bonds of 1983, dated September 1, 1983, as permitted by Minnesota Statutes, Section 475.54, Subdivision 2.