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RESOLUTION #352 RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF $250,000 IMPROVEMENT BONDS OF 1968, PAYABLE FROM THE IMPROVEMENT BOND REDEMPTION FUND, AND PROVIDING FOR AND APPROPRIATING SPECIAL ASSESSMENTS FOR THE SUPPORT AND HAIN'.iENANCE OF SAID FUND, AND ALSO LEVYING GENERAL AD VALOR TAB FOR SAID FUND BE IT RESOLVED by the Village Council of the Village of Mounds View Minnesota, as follows: 1. This Council has investigated the facts necessary to ascertain and does hereby find, determine and declare that the Village of Mounds View has here- tofore ordered the construction of local improvements pursuant to public hearings and notices thereof as required by law, and has awarded contracts for their con- struction, or will award contracts for their construction, all as set forth below; that the total cost of said improvements to the Village is estimated to be approxi- mately equal to and not less than the respective amounts shown below opposite the descriptions of said improvements, including all items of cost from the inceptior to the completion of the improvements and all fees and expenses incurred in con- nection therewith, as follows: Date Name of Improvement Ordered Water Improvement No. 1966 -9 Sewer and Water Improvements No. 1967 -1 September 12, 1966 October 4, 1966 Sanitary Sewer, Water June 12, 1967 and September 25, 1967 and Street Improvement July 24, 1967 No. 1967 -5 January 23, 1967 March 6, 1967 Additional Expenses of 11,700.00 1964 -1A Improvement that the total benefits resulting from said improvements to the assessable lots, pieces and parcels of land affected thereby and to the Village at large will be substantially in excess of the total cost of such improvements; that in order to pay the cost of constructing said improvements it is necessary to borrow the sum of $250,000; that the remainder of said cost, amounting to $2,123.60, will be paid from surplus funds on hand in said amount; that said borrowing herein determined to be necessary can best be made by the issuance of $250,000 general obligation improvement bonds of the Village in accordance with the provisions of Chapter 429, Minnesota Statutes, as hereinafter provided; that said bonds should be and are hereby made payable from the Improvement Bond Redemption Fund of the Village, in accordance with the provisions of Ordinance No. 68 of the Village, adopted on May 25, 1960, and shall be secured by all covenants and governed by all the terms and provisions set forth in said ordinance, and that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to the issuance and sale of said bonds to provide moneys to toy for said improvements have been done, do exist, have happened and have been performed in due form, time and manner as so required. -3- Dare Contract Awarded Total Estimated Cost 3,247.49 153,199.00 83,977.11 $252,123.60