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~. , . 1. mines: The City Council hereby finds, recites, and deter- (a) That the City has undertaken the following public improvements (the "Improvements") within its Development District No.1, pur- suant to and in full conformity with Minnesota Statutes, Sections 273.71 to 273.78, inclu- sive: Kallestad and Donatelle Projects: Land Acquisition (Kallestad) Soil Correction (Donatelle) Legal, Fiscal, Bond Issuance and Administrative Expenses and Contingency Capitalized Interest TOTAL $ 200,000 50,000 25,000 25,000 $ 300,000 (b) That it is necessary and expedient to the sound financial management of the affairs of the Ci ty that the Ci ty issue its bonds pur- suant to Minnesota Statutes, Chapters 273 and 475, to provide temporary financing for the Improvements. 2. Since the pr incipal amount of the Bond does not exceed $300,000 and the City has not negotiated any sale of its bonds within the last 90 days, the City is authorized to negotiate the sale of the Bond pursuant to Minnesota Stat- utes, Section 475.60, Subdivision 2(2). 3. The bid of First State Bank of New Br ighton, New Brighton, Minnesota (the "Purchaser"), to purchase the Bond is hereby found and determined to be a reasonable offer and shall be and is hereby accepted, such bid being to purchase the Bond at a price of $300,000 par at date of delivery thereof, for a Bond bearing interest at the rate of eight percent (8.20%) per annum. 4. The City of New Brighton shall forthwith issue and sell its $300,000 General Obligation Temporary Tax Increment Bond of 1984, dated as of the date of delivery thereof. The Bond shall be a single, fully registered bond in the denomi- nation of $300,000; shall bear interest payable semiannually on February 1 and August 1, commencing on February 1, 1985; and shall mature on August 1, 1987. The principal amount of the Bond shall be subject to prepayment at the option of the City, in whole or in multiples of $1,000, at par and accrued - 2 -