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Project Designation & Description: Total Project Cost <br />21st Avenue Street and Storm Sewer <br />Project Costs $242,500 <br />Costs of Issuance 7,500 <br />Total Issue $250,000 <br />(b) it is necessary and expedient to the sound financial management of <br />the affairs of the City to issue $250,000 Taxable General Obligation Improvement Bonds, <br />Series 2003B (Bonds) pursuant to the Act to provide financing for the Improvements. <br />2. Springsted Incorporated (Springsted) is authorized and directed to negotiate sale of the <br />Bonds at the time it deems reasonable in light of market conditions, subject to approval by the City <br />Council of the final terms and conditions of the Bonds. When Springsted has negotiated a proposed <br />sale of the Bonds, the City Council will meet at a regularly scheduled or duly noticed special <br />meeting to consider the proposal on the Bonds and take any other appropriate action with respect to <br />the Bonds. <br />3. Springsted is directed to notify the City promptly if it determines not to proceed with <br />solicitation of proposals by December 1, 2003. <br />The motion for the <br />Councilmember <br />adoption of the foregoing resolution was duly seconded by <br />, and upon vote being taken thereon the following members voted <br />in favor of the motion: <br />and the following voted against: <br />whereupon the resolution was declared duly passed and adopted. <br />SJB-239179v1 <br />LN140-84 <br />�ekobaei-ai1,aoO3 <br />