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.::- After due consideration of the bids, Councilmember Schmidt introduced the following resolution and moved its adoption: RESOLUTION NO. 84-95 RESOLUTION AWARDING THE SALE OF $1,000,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1984; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of New Brighton, Minnesota, as follows: 1. The bid of The American National Bank and Trust Company (the "Purchaser") to purchase the City's $1,000,000 General Obligation Improvement Bonds of 1984 (the "Bonds"), as de- scribed in the notice of sale thereof, is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, such bid being to purchase the Bonds at a price of $ 987,400.00 plus accrued interest to date of delivery, the Bonds to bear interest, to mature in the years and amounts, and to be subject to such other terms and condi tions as hereinafter provided. The sum of $ 5,600.00 , being the amount bid in excess of $980,700, shall be credited to the Debt Service Fund hereinafter crea ted. The Ci ty Clerk- Treasurer is directed to retain the good faith check of the Purchaser pending completion of the sale and delivery of the Bonds and to return the checks of the unsuccessful bidders forthwith. 2. The City of New Brighton shall forthwith issue and sell its General Obligation Improvement Bonds of 1984 in the total principal amount of $1,000,000. The Bonds shall be dated August 1, 1984, shall be fully registered without cou- pons and shall be numbered R-I et ~, shall be in the denomination of $5,000 each, or in integral multiples thereof, shall bear interest as set forth below, all inter- est payable February 1, 1985, and semiannually thereafter on February 1 and August 1 in each year, and shall bear inter- - 3 -