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• <br /> Councilmember Marks then introduced the <br /> following resolution and moved its adoption: <br /> RESOLUTION NO. 88-024 <br /> RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING <br /> THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF <br /> $875,000 GENERAL OBLIGATION-REVENUE WATER SYSTEM BONDS, <br /> SERIES 1988A <br /> BE IT RESOLVED by the City Council of the City of <br /> St . Anthony, Minnesota, as follows : <br /> Section 1 . Authorization and Sale . <br /> (a) This Council , by its resolution adopted May 24 , <br /> 1988 , authorized the issuance and public sale of up to $875 , 000 <br /> General Obligation-Revenue Water System Bonds, Series 1988A <br /> (the "Bonds" ) , of the Issuer to finance the costs described <br /> therein <br /> (b) Notice of sale of the Bonds has been duly <br /> published, and the Council, having examined and considered all <br /> bids received pursuant to the published notice, does hereby <br /> find and determine that the most favorable bid received is that <br /> of , of , <br /> and associates, to purchase the Bonds in a <br /> principal amount of $ at a price of $ on the <br /> further terms and conditions hereinafter set forth. <br /> (c) The sale of the Bonds is hereby awarded to said <br /> bidder, and the Mayor and City Manager are hereby authorized <br /> and directed on behalf of the Issuer to execute a contract for <br /> the sale of the Bonds in accordance with the terms of said <br /> bid. The good faith check of the successful bidder shall be <br /> retained by the Treasurer until the Bonds have been delivered <br /> and the purchase price paid. The good faith checks of other <br /> bidders shall be returned to them forthwith. <br /> Section 2 . Bond Terms; Registration; Execution and <br /> Delivery. <br /> 2 . 01 . Date, Maturities , Interest Rates . The Bonds <br /> shall be designated General Obligation-Revenue Water System <br /> Bonds, Series 1988A, dated as of the date of original <br /> authentication and delivery. The Bonds shall be capital <br /> accumulator bonds maturing on July 1, 1993 , issued in the <br /> original principal amount shown below for each $5 , 000 maturity <br /> • amount or integral multiples thereof, and bearing interest from <br /> the date of original authentication and delivery thereof until <br /> maturity at the rate which, compounding on each January 1 and <br />