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$350,000 for the improvement of the City's fire station, and the City Council hereby de~ermines to undertake such improvements (the "Improvements") at the following estimated costs: Construction $270,000 Engineering/Architectural 24,000 Bond Issuance 3,000 Capitalized Interest 23,233 Total Cost $320,233 (b) I t is necessary and expedient in the sound financial management of the City that the City issue and sell, and the City shall therefore issue and sell, as authorized by Minnesota Statutes, Chapter 475, its $300,000 General Obligation Fire Station Bond of 1984 (the "Bond") to help finance the cost of the Improvements. (c) Since the pr incipal amount of the Bond does not exceed $300,000 and the City has not nego- tiated any sale of its bonds within the last 90 days, the City is authorized to negotiate the sale of the Bend pursuant to Minnesota Statutes, Section 475.60, Subdivision 2(2). 2. The bid of First State Bank of New Brighton, 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 and twenty hundredths percent (8.20%) per annum. 3. The City of New Brighton shall forthwith issue and sell its $300,000 General Obligation Fire Station Bond of 1984, dated as of the date of delivery thereof. The Bond shall be a single, fully registered bond in the denomination of $300,000; shall bear interest payable semiannually on February 1 and August 1, commencing on August 1, 1984; and the principal installments thereof shall be payable on February 1 in the years and the amounts as set forth below, respectively: