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RESOLUTION 82-44 The Council proceeded to consider and discuss the bids, after which member Larson introduced the • following resolution and moved its adoption: RESOLUTION ACCEP`PING BID ON SALE OF $225,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982 AND PROVIDING FOR THEIR ISSUANCE BE IT RESOLVED by the Council of the City of Falcon Heights, Minnesota, as follows: ~_ 1. The bid of American National Bank & Trust Co. to purchase $225,000 General Obligation Improvement Bonds of 1982. of the City, in accordance-with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ 222 , 300 is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and the bonds are hereby awarded to said bidder. The City Clerk is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. The bonds shall be payable as to principal and interest at the American National Bank & Trust Company in St. Pau1,_Mi_nnesota or any .successor paying agent duly appointed by the City. 2. The $225,000 negotiable coupon general obligation bonds of the City shall be dated October 16, 1982 and shall be • issued forthwith. The bonds shall be 45 in number and numbered from 1 to 45, both inclusive, in the denomination of $5,000 each. The bonds shall mature serially, lowest numbers first, on March 1 in the amount of $25,000 in each of the years 1985 to 1993, both inclusive. 3. The bonds shall provide funds for the construc- tion of various improvements in tYie City. The total cost of the improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the bonds herein authorized. Work on the improvements shall proceed with due diligence to completion. 4. The bonds shall mature in the years and bear the serial numbers set forth below, and shall bear interest payable March 1, 1983 and semiannually thereafter on September 1 and March 1 of each year at the respective rates per annum set opposite the maturity years and serial numbers: