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<br />After due consideration of all bids, Councilman Werdouschegg
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<br />introduced the following resolution and moved its adoption:
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<br />RESOLUTION NO. 22Jd
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<br />RESOLUTION AWARDING SALE AND FIXING THE TERMS,
<br />FORM AND SPECIFICATIONS OF $685,000 TEMPORARY
<br />IMPROVEMENT BONDS OF 1979, PROVIDING FOR
<br />THEIR EXECUTION AND DELIVERY AND
<br />CREATING FUNDS FOR THEIR PAYMENT
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<br />BE IT RESOLVED by the City Council of the City of New
<br />Brighton, Minnesota, as follows:
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<br />1. All action heretofore taken in connection with the
<br />issuance and sale of $685,000 Temporary Improvement Bonds of 1979,
<br />is hereby ratified and confirmed, and the sale thereof is awarded
<br />to The First National Bank of St. Paul
<br />on its bid to purchase bonds bearing
<br />interest at the rate of 5.10 % per annum at a price of $675,005.85
<br />plus accrued interest. Said bid is hereby found to be the best
<br />bid, providing an interest rate not exceeding 7% per annum. The
<br />Mayor and City Manager are hereby authorized and directed to
<br />execute a contract with the successful bidder and the Treasurer
<br />is in~tructed to return the good faith checks of all unsuccessful
<br />bidders forthwith. The bonds shall be numbered serially from 1
<br />to 137, both inclusive, and shall be in the denomination of $5,000
<br />each.
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<br />2. Pursuant to Section 429.091, Subdivision 3, Minnesota
<br />Statutes, as amended, the City shall forthwith issue its Temporary
<br />Improvement Bonds of 1979 in the aggregate principal amount of
<br />$685,000, dated July 1, 1979, to bear interest as above set forth,
<br />payable July 1, 1980 and semiannually thereafter on January 1 and
<br />July 1 until maturity, and to mature on July 1, 1982, all
<br />bonds being subject to redemption and prior payment at the
<br />option of the City on July 1, 1981 or January 1, 1982 at par and
<br />accrued interest, to pay the costs of Improvements Nos. 79-2, 79-3,
<br />79-4, 79-7, 79-8, ,79-9 an~ 79-10, consisting of local street,
<br />water and sewer improvements in the City under Chapter 429,
<br />Minnesota Statutes.
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<br />3. Both principal and interest shall be payable at the
<br />main office of The First National Bank of St. Paul
<br />in St. Paul , Minnesota and the City shall pay the reason-
<br />able charges of said bank for its services as paying agent.
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<br />4. The bonds and the interest coupons to be thereto
<br />attached shall be in substantially the following form:
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<br />UNITED STATES OF AMERICA
<br />STATE OF MINNESOTA
<br />COUNTY OF RAMSEY
<br />CITY OF NEW BRIGHTON
<br />
<br />No. $5,000
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<br />TEMPORARY IMPROVEMENT BOND OF 1979
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<br />KNOW ALL MEN BY THESE PRESENTS That the City of New
<br />Brighton, Ramsey County, Minnesota, acknowledges itself to be
<br />indebted and for value received hereby promises to pay to bearer
<br />on the 1st day of July, 1982, the sum of FIVE THOUSAND DOLLARS,
<br />to pay interest thereon froITt the date hereof until the principal
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