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Minutes of May 23, 1962 council meeting continued. Banister Engineering presented an approved bill covering the balance on the well of $8001.10 for a total of $12,781.50. The Clerk was authorized to make payment to Keys Well Drilling Co. Lloyd Ebne introduced and moved the adoption of the following resolution: RESOLUTION PROVIDING FOR PUBLIC SALE OF WATER IMPROVE* MENT BONDS Be it resolved by the Council of the Village of Lake Elmo, Minnesota. 1.Pursuant to Minnesota Statutes, Chapter 429, as amended, and upon public notice and hearing as therein required, the Village has ordered the construction of an improvement designated as Water Improvement No.11 and has advertised for bids and entered into contraeys for a portion of such oonstruction, and the total cost thereof, includingthe cost of work under daid contracts and add- itional work to be performed, and all other expenses necessary to be incurred in connection with the improvement, is estimated at present to be $1909000. 2.Said improvement shall be financed by the issuance of improve- ment bonds, for the payment fo which the full faith and credit of the Village shall be pledged. A separate fund is hereby established for said improvement, which shall be designated the Water Improve= ment No. 1 Fund. The proceeds from the sale of the bonds herein provided for and from the collections of special assessments for the improvement and any other moneys appropriated thereto by the village shall be paid Into such fund. 3.This Council shall meet at the time and place designated in the form of notice herein contained for the purpose of receiving, 1 opening and ednsidering sealed bids for and awarding the sale of said bonds; andthe Clerk is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the Stillwater Weekly Gazette, the official paper of the village, and in the Wommercial West, a financial newspaper published at Minneapolis, Minnesota, which notice shall 1ae in substantially the following farm: NOTICE OF SALE $190,000 Water IMPROVEMENT BONDS VILLAGE OF LAKE ELMO, WASEING'T'ON COUNTY, MINNESOTA NOTICE IS HEREBY GI13EN that the Council of the Village of Lake Elmo, Minnesota, will meet at the Fire Hall in said village at 8.00P.M., Central daylight saving time, on Thursday the 21st day of June, 1962, to receive, open, and consider sealed bids for and award the sale of its negotiable coupon general obligation Water Improvement Bonds in the principal amount of $190,0009 to be issued to pay expenses incurred and -to be incurred in the construction ofWater Improvement No.1, pursuant to the provisions and under the authority of Minnesota Statutes, Chapter 429, as amended. Said bondswill be dated July 1, 1962, will be in the denomination of $1,000each; will bear interest at the rate or rates to be desig- nated bythe successful bidder in integral multiples of or 1/10 of 10 perannum, payable July 1, 1963, and semiannually thereafter on January 1 and July 1 of each year and. will mature serially on January 1 in the years and amounts as follows: $51000 1964- 1967 l 10,0001968- 1984