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`r' • The Council then proceeded to consider such bids. After the bids had been considered a~~c di_scussed, member Black introduced the following resolution and moved its adoption: RESOLUTION NO. 74-13 RESOLUTION ACCEPTING BID ON SALE OF $100,000 GENERAL OBLIGATION 3 ONDS OF 1874 PROVIDING FOR THEIR ISSUANCE AND LEVYING A 'TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the City of Falcon Heights, Minnesota, as follows: 1. That the bid of _THE FIRST NATIONAL BANK OF ST. PAUL to purchase $100,000 General Obloatien Bonds of 19 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 $ 98,600 (plus a premium of NONE ) is hereby found, determined and declared to be the most favorable bid received, and is hereby accepted and said bonds are hereby awarded t;o said bidder. 'T'he City Clerk is directed to retain the deposit bf said bidder and to forthwith return the good faith checks or dr. efts to the unsuccessful bidders. Said bends shall be payable as to principal and interest at THE FIRST NATIONAL BANK OF ST. PAUL or any successor ~aying Agent duly appointed by the City. 2. The $100,000 negotiable coupon general obliga- tion bonds of the City shall be dated June 1, 1974 and shall be issued forthwith. Said bonds shall be 20 in number and numbered from 1 to 20, both inclusive, in the denomination of $5,000 each. Said bonds shall mature serially, lowest numbers first, on June 1 in the years and amounts as follows $5,000 in each of the years 19.76 to 1983, both inclusive; and $10,000 in each of the years 1984 to 1989, both inclusive. 3. Said bonds shall provide funds for the construc- tion of park improvement in the City. The total cost of said project including the cost of construction under