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• <br /> Member Marks introduced the following <br /> resolution and moved its adoption: <br /> RESOLUTION NO. 85-053 <br /> RESOLUTION RELATING TO $2 , 125 , 000 GENERAL <br /> OBLIGATION TAX INCREMENT BONDS, SERIES <br /> 1985B; AWARDING THE SALE THEREOF <br /> BE IT RESOLVED by the City Council of the City of <br /> St . Anthony, Minnesota (the City) as follows : <br /> 1 . This Council , under the authority of Minnesota <br /> Statutes , Sections 273 . 77(a) and 462 . 581 and Minnesota <br /> Statutes , Chapter 475 , and pursuant to Resolution 85-047 <br /> adopted on November 12 , 1985 , (the Resolution) authorized the <br /> issuance of and ordered that a public sale of $2, 125, 000 <br /> General Obligation Tax Increment Bonds , Series 1985B (the <br /> Bonds) be held on this date. Notice of the public sale of the <br /> Bonds was duly given as required by Minnesota Statutes , <br /> Section 475 . 60 . In accordance with the Terms and Conditions of <br /> Sale for the Bonds , 3 sealed bids were received for the <br /> Bonds by the City Manager prior to 2 : 00 P .M. on this date . <br /> • Those bids have been opened and publicly read aloud and <br /> considered by this Council , and the terms of each have been <br /> determined. <br /> 2 . The bid of Norwest Investment Services - <br /> of Minneapolis, Minnesota , for the purchase of the Bonds on the <br /> terms set forth in the Terms and Conditions of Sale, at a price <br /> of $ 2 , 093 , 125 plus accrued interest from the date of the <br /> Bonds to the date of delivery thereof , the Bonds to bear <br /> interest at the rates set forth in Section 3 hereof , results in <br /> a net interest cost (determined by the addition of any discount <br /> to and the deduction of any premium from the total interest <br /> cost of all bids received pursuant to the Notice of Bond Sale <br /> and the Terms and Conditions of Sale for the Bonds) of $1, 461 ,616 . 67 <br /> and is therefore declared to be the best bid received and is <br /> hereby accepted. The Mayor and City Manager are hereby authorized <br /> and directed to execute a contract for the sale of the Bonds to <br /> Norwest Investment Services in accordance with the terms of <br /> said bid, the Terms and Conditions of Sale and this resolution. <br /> 3 . Pursuant to the bid accepted by this Council and <br /> by this resolution, Bonds maturing in the years set forth below <br /> shall bear interest at the respective rates per annum set forth <br /> opposite such years , as follows : <br /> -2- <br />