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~ ... 1_, . . Councilman Werdouschegg introduced the following written resolution and moved its adoption: RESOLUTION NO. 1678 RESOLUTION AWARDING SALE OF $660,000 PERMANENT IMPROVEMENT BONDS OF 1976, FIXING FORM AND TERMS THEREOF AND PROVIDING FUNDS FOR PAYMENT THEREOF BE IT RESOLVED by the City Council of the City of New B~ighton, Minnesota, as follows: l. All action heretofore taken in connection with the issuance and sale of $660,000 Permanent Improvement Bonds of 1976 is hereby ratified and confirmed, and the sale thereof is awarded to American National Bank and Trust Company of St. Paul on its bid to purchase bonds bearing interest as follows: Maturity March 1 Int. Rate Maturity 3/1 Int. Rate 1977 3.90 1986 5.70 1978 4.00 1987 5.85 1979 4.20 1988 6.00 1980 4.40 1989 6.00 1981 4.60 1990 6.15 1982 4.80 1991 6.30 1983 5.00 1992 6.30 1984 5.20 1993 6.30 1985 5.40 at a price of $ 653,565.00 and accrued interest. Said bid is hereby found to be the best bid. The Mayor and City Manager are hereby authorized and directed to execute a contract with the successful bidder and the Treasurer to return the good faith checks of all unsuccessful bidders forthwith. The bonds shall be numbered serially from 1 upwards in chronological order of maturity dates and shall be in the following denomination{s} : Serial Numbers Denomination 1 through 132 5,000.00 2. The City shall forthwith issue its Permanent Improve- ment Bonds of 1976, in the aggregate principal amount of $660,000, to be dated March 1, 1976, to bear interest as above set forth, payable September 1, 1976 and semiannually thereafter on March 1 and September 1 in each year, and to mature serially on March 1 in the years and amounts as follows: $20,000 in 1977, $35,000 in 1978, $40,000 in 1979, $45,000 in 1980 to 1991, and $15,000 in 1992, and $10,000 in 1993, all years inclusive,