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ei Member Christensen the introduced proposed Ordinance No. 68 entitled "An Ordinance Establishing the Improvement Bond Redemp- tion Fund of the Village of Mounds View and the Conditions and Procedure for the Issuance and Covenants for the Security of Bonds Payable from That Fund and moved its adoption. The motion for the adoption of said ordi- nance was duly seconded by Hodges taken thereon, the following voted in favor thereof: Crane, Smith, Hodges and Christensen and the following voted against the same: None whereupon said ordizi:nce was declared duly passed and adopted and was pre- sented to and signed by the Mayor, which was attested by the Village Clerk. Member Hodges and upon vote being then introduced the following resolu- tion and moved its adoption: y6 RRSQLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF $615,000 WATERWORKS IMPROVTaiTsra s0Nirs, PAYABLE FROM ',NE IMPROVEMENT BOND REDEMPTION FUND, AND APPROPRIATING SPECIAL ASSESSMENTS AND TAXES TO THAT FUND FOR THE PAYMENT OF SUCH BONDS BE IT RESOLVED by the Council of the Village of Mounds View, Minnesota, as follows: Ill.. For the purpose of defraying expenses incurred and to be in- curred in the construction of Waterworks Improvement No. 1960 -1, as hereto- fore ordered by this Council, the Village shall forthwith issue, sell and deliver to Juran Moody. Inc. of At_ PAW and associates, its negotiable coupon general obligation Waterworks Improvement Bonds to be dated as of July 1, 1960, in the aggregate principal amount of $615,000, which bonds shall be payable from the Improvement Bond Redemption Fund of the Village of Mounds Yiev in accordance with the provisions of Ordinance No. hg adopted May 25, 1960, and shall be secured by all the covenants and governed by all the terms and provisions set forth in that ordinance. It is hereby found and determines that said improvement has been duly instituted in accordance with the provisions of Minnesota Statutes 1957, Chapter 429, as amended, upon hearing as required by law, that contracts have been duly awarded upon advertisement for bids for a portion of the work anx materials required for said improvemment, in accordance with approved plans and specifications, that the total coat of the improvement is estimated to be not less then the amount of the bonds herein authorized, and that the terms and provisions of said bonds as herein set forth are as provided in the proposal of said purchaser receive this date, which proposal is the highest and best bid submitted pur- suant to advertisement heretofore made under the direction of the Council. The Mayor and Clerk are hereby authorized and directed to enter into a con- tract for the sale Lf the bonds'en the part of the Village in accordance with said proposal. The Treasurer shall retain the good faith check fur- nished'by the purchaser until delivery of the bonds and payment of the purchase price, and shall return the check,, of all other bidders forthwith.