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~' ~ ' RESOLUTION 83=32A/'~ <br />• The Council then proceeded to consider and discuss <br />the bids, after which member Ciernia introduced <br />the following resolution and moved its adoption: <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$525,000 GENERAL OBLIGATION TAX INCREMENT <br />• IMPROVEMENT BONDS OF 1983 <br />AND PROVIDING FOR THEIR ISSUANCE <br />BE IT RESOLVED by the Council of the City of Falcon <br />Heights, Minnesota, as follows: <br />St. Paul <br />1• The bid of the First National Sank of / (the <br />"Purchaser") to purchase 525,000 General Obligation Tax <br />Increment Improvement Bonds of 1983 of the City (hereinafter <br />referred to as the "bonds"), 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 $ 518,437.50 plus interest <br />accrued to settlement is hereby found, determined and declared <br />to be the most favorable bid received, and is hereby accepted <br />and the bonds are hereby awarded to said bidder. The Clerk- <br />Administrator is directed to retain the deposit of said bidder <br />and to forthwith return the good faith checks or drafts to the <br />unsuccessful bidders. <br />• 2. The $525,000 general obligation bonds of the City <br />shall be initially dated September 1, 1983 and shall be issued <br />forthwith as fully registered bonds. The bonds initially <br />delivered to the Purchaser shall be numbered R-1 and upward, in <br />the denomination of $5,000 or any integral multiple thereof. <br />The bonds shall mature, without option of prepayment, on <br />March 1 in the amounts and years as follows: <br />$50,000 in the year 1985; <br />$75,000 in each of the years-1986 to 1989; <br />$50,000 in each of the years 1990 and 1991; and <br />$75,000 in the year 1992. <br />All dates are inclusive. <br />3. The bonds shall provide funds to defray the <br />expense of certain capital and administration costs in <br />accordance with the City's Tax Increment District Financing <br />Plan approved by the City Council on July 27, 1983 (the "Plan") <br />within the ,City's Development District No. 1 created pursuant <br />to Minnesota Statutes, Chapter 472A (the "Project"). Pursuant <br />LJ <br />