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Member Marks introduced the following <br /> • resolution and moved its adoption : <br /> RESOLUTION 88-039 <br /> RESOLUTION RELATING TO $210 , 000 GENERAL <br /> OBLIGATION SEWER REVENUE BONDS OF 1988 ; <br /> AUTHORIZING THE ISSUANCE, AWARDING THE SALE, <br /> FIXING THE FORM AND DETAILS, AND PROVIDING <br /> FOR THE EXECUTION AND DELIVERY THEREOF AND <br /> SECURITY THEREFOR <br /> BE IT RESOLVED by the City Council (the Council) of <br /> the City of St . Anthony, Hennepin County, Minnesota (the City) , <br /> as follows : <br /> Section 1 . Authorization and Sale . <br /> 1 . 01 . Cost of Project . The City owns and operates a <br /> municipal sewer system (the System) . This Council has <br /> heretofore ordered . construction of improvements to the System, <br /> (the Improvements) . The present estimated total cost of the <br /> Improvements are as follows : <br /> Construction $198 , 600 <br /> Bond Issuance Costs 7, 284 <br /> Bond Discount 4 , 116 <br /> • Total $210 , 000 <br /> 1. 02 . Authorization. To pay the costs of the <br /> Improvements this Council has determined that it is necessary <br /> and expedient for the City to . issue and sell its General <br /> Obligation Sewer Revenue -Bonds of 1988 (the Bonds) in the <br /> principal amount of $210 , 00.0 including every item of costs of <br /> the kinds authorized in Minnesota Statutes , Section 475 . 65, <br /> $4 , 116 of such amount representing interest as provided in <br /> Minnesota Statutes, Section 475 . 56 . <br /> 1 . 03 . Terms of the Bonds . The Bonds shall be <br /> entitled General- Obligation Sewer Revenue Bonds of 1988 , shall <br /> be in fully registered form, and shall be dated as of <br /> October 1 , 1988 . The Bonds shall mature in the principal <br /> amount of $25 , 000 on October 1 in each of the years 1989 and <br /> 1990, $30 , 000 on October 1 in each of the years 1991 through <br /> 1993 and $35, 000 on October 1 in 1994 and 1995 . <br /> Interest on the Bonds is payable- on April 1 and <br /> October 1 of each year, commencing April 1, 1989 . The Bonds <br /> shall be subject to redemption and prepayment at the option of <br /> the City on the terms hereinafter set forth in this Resolution. <br /> • <br />