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Member Hodges the introduced the following reso- lution and moved its adoption: r 57 RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF $585,000 WATERWORKS IMPROVEMENT BONDS PAYABLE FROM THE 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: (1) For the purpose of defraying added expenses incurred and for the expenses to be incurred in the construction of Waterworks Improvement Nos. 1960 -1, 1960 -2, and 1960 -3, as hereto- fore ordered by this Council, the Village shall forthwith issue, sell and deliver to Allison Williams Company of Minneapolis. Minnesota and associates, its negotiable coupon general obligation Waterworks Improvement Bonds to be dated as of November 1, 1960, in the aggregate principal amount of $585,000, which bonds shall be payable from the Improvement Bond Redemption Fund of the Village of Mounds View in accordance with the provisions of Ordinance No. 68, adopted May 25, 1960, and shall be secured by all the cove- nants and governed by all the terms and provisions set forth in that ordinance. It is hereby found and determined that said improvements have been duly instituted in accordance with the provisions of Minne- sota 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 and materials required for said im- provements, in accordance with approved plans and specifications, that the total cost of the improvements is estimated to be not less than 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 received this date, which proposal is the highest and best bid submitted pursuant to advertisement heretofore made under the direction of the Council. The Mayor and Clerk are hereby authorized and directed to enter into a contract for the sale of the bonds on the part of the Village in accordance with said pro- posal. The Treasurer shall retain the good faith check furnished by the purchaser until delivery of the bonds and payment of the purchase price, and shall return the checks of all other bidders forthwith. (2) Said bonds shall be numbered serially from 1 to 585 inclusive, each in the denomination of $1,000, shall bear interest at the respective annual rates stated opposite their maturity dates belc-=, from date of issue until paid or duly called for redemption, and shall mature serially on August 1 in the respective years and amounts as follows: 2