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cl! " Br ighton Professional estimated as follows: Building, at costs Land Acquisition.....................$ 45,500 Curb, Sanitary Sewer Relocation" Fill, Street Improvements, Pond i ng . . . to .. . . . . . .. . . . . . . . . . . . .. .. . . . . . . 68,750 Administrative, Engineering, Legal, Appraisal and Related Expenses.......44,000 Contingency.......................... lO,OOO Subtotal $168,250 Less Funds from Other Sources..........42,312 Plus Capitalized Interest............ 24,062 Total $150,000 (d) It is necessary and exped ient in the sound financial management of the City that the City issue and sell, and the Ci ty shall therefore issue and sell, as author i zed by Minnesota Statutes, Sections 472A.06 and 273.77, its $l50,000 General Obligation Tax Increment Bond of 1982 (the "Bond") to help finance the cost of the Improvements. (e) The Tax Increments, as hereinafter pledged to the payment of the pr incipal of and interest on the Bond, are estimated to be not less than 20% of the cost of the Improvements, and the City is therefore authorized to issue the Bond wi thout an election on the question of such issuance, pursuant to Minnesota Statutes, Section 475.58, Subdivision 1(3). (f) Since the principal amount of the Bond does not exceed $300,000 and the City has not nego- tiated any sale of its bonds wi thin the last 90 days, the City is authorized to negotiate the sale of the Bond 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 $150,000 par at date of delivery thereof, for a Bond bear ing interest at the rate of eight and one-half percent (8.50%) per annum. The Mayor and City Manager are authorized and directed to enter into a purchase contract for the Bond with the Purchaser. - 3 -