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Member introduced the following resolution and moved its adoption: RESOLUTION 88=039 RESOLUTION RELATING TO $210, 000 GENERAL OBLIGATION SEWER REVENUE BONDS OF 1988 ; AUTHORIZING THE ISSUANCE, AWARDING THE SALE, FIXING THE FORM AND DETAILS, AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR BE IT RESOLVED by the City Council (the Council) of the City of St . Anthony, Hennepin County, Minnesota (the City) , as follows : Section 1 . Authorization and Sale . 1 . 01 . Cost of Project . The City owns and operates a municipal sewer system (the System) . This Council has heretofore ordered construction of improvements to the System, (the Improvements) . The present estimated total cost of the Improvements are as follows : Construction $198, 600 Bond Issuance Costs 7, 284 Bond Discount 4 , 116 Total $210, 000 1. 02 . Authorization. To pay the costs of the Improvements this Council has determined that it is necessary and expedient for the City to issue and sell its General Obligation Sewer Revenue Bonds of. 1988 (the Bonds) in the principal amount of $210 , 000 including every item of costs of the kinds authorized in Minnesota Statutes , Section 475 . 65 , $4 , 116 of such amount representing interest as provided in Minnesota Statutes, Section 475 . 56 . 1 . 03 . Terms of the Bonds . The Bonds .shall be entitled General Obligation Sewer Revenue Bonds of 1988 , shall be in fully registered form, and shall be dated as of October 1, 1988 . The Bonds shall mature in the principal amount of $25 , 000 on October 1 in each of the years 1989 and 1990, $30, 000 on October 1 in each of the years 1991 through 1993 and $35, 000 on October 1 in 1994 and 1995 . Interest on the Bonds is payable on April 1 and October 1 of each year, commencing April 1, 1989 . The Bonds shall be subject to redemption and prepayment at the option of the City on the terms hereinafter set forth in this Resolution.