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RESOLUTION N0. 82-45 The Council then proceeded to consider and discuss the bids, after which member Larson introduced • the following resolution and moved its adoption: RESOLUTION ACCEPTING_ BID ON SALE OF $675,000 GENERAL OBLIGATION TEMPORARY 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 the First National Bank of St. Paul to purchase $675,000 General Obligation Temporary 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 $ 671, 793.75 is hereby found, determined and declared to be the most favorable bid received, and is hereby accegted 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 main office of the First National Bank of St. Paul or any successor paying agent duly appointed by the City. 2. The bonds of the City issued forthwith. numbered from 1 t~ $5,000 each. The first, on June 1, $675,000 negotiable coupon general obligation shall be dated October 16, 1982 and shall be The bonds shall be 135 in number and ~ 135, both inclusive, in the denomination of bonds shall mature serially, lowest numbers 1985. 3. The bonds shall provide funds .for the construc- tion of various improvements in the City within Development District No.l heretofore created by the City pursuant to Minnesota Statutes, Section 472A. 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.