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City Council Resolution 1981-01 the the The Council then proceeded to consi<:ier and d1SCU5;i bids, after which member Maus _ _ introduced fol:Lowing resolution and moved its adoption. - RLSOLUTIUN ACCt~PTICJG }3Ill ON SAL} OF $1bU, ODU C~Ei1r RAL OBLIUATIUN IMPRUVEMEN'1' }3UNDS OF 19£31 PROVIDING FOR THEIR ISSUANCE AND L3s'VYINt; A TAX FOR THE PAY[~IENT '1'HER}aO:i~ BE IT RESOLVED by the Council of the City of Montice:Llo, Minnesota, as follows: 1. The bid of BancNorthwest to purchase $ltiU,000 General Obligation Improv~msnt Bands of 19£31 of the City, in accordance with the notice of` bond sale, at the rates of interest hereinafter set forth, anei to pay therefor the sum of $ 157,520.00 is hereby found, determined and declared to be the most favorable bid received, and is hereby acceioted and the bonds are hereby awarded to said bidder. The City Administrator is directed to retain the deposit of said bidder and to forthwith return the good faith checks or drafts to the unsuccessful bidders. Tyre bonds shall. be payable as to princip~31 and interest at Northwestern National Bank of Minneapolis or any successor paying agent duly appointed by the City. 2. The $1~U,000 negotiable coupon general obligation bonds of the City shall be dated February 1, 19$1 and shall be issued forthwith. The bonds shall be 32 in nr.rmber and numbered from 1 to 32, both inclusive, in the denomination of $5,000 each. The bonds shall mature serially, low~,st numbers first, without option of prepayment, on February 1 in the amounts and years a:s follows: $15,000 in each of the years 1983 to 1990, both dates inclr.rsive; and $20,000 in each of the years 1991 and :L992. 3. The bonds shall provide funds for the construction of various improvements in the City. The total cost of the improvements, which shall include a1.1 costs enumerated in [9irinesota Statutes, Section 47S.v5, is estimated to be aL. .Least equal to the amount of the bonds iie.rein authorized. Wor'r. on the improvements shall proceed with due diligenc~u to completion. ~2 e ~ ~ ~` o ~ ~o v-~ - ~o rd S ~pie--~~rC~' ©~ ~ ~ qc~? i ord. ~o~~ S d* ' 1Q r -~ ~KSS OO ~ )~ -tom r )r- e- ).~.. ~ , .-. , ~,,~. ~ O ~ ~ ~ ,e S ~' f i # .3-/~, ~~5. /