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} 0 The Council then proceeded to consider and discuss • the bids, after which member introduced the following resolution and moved its adoption: RESOLUTION ACCEPTING BID ON SALE OF $310,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1984 PROVIDING FOR THEIR ISSUANCE AND LEVYING A TAX FOR THE PAYMENT THEREOF BE IT RESOLVED by the Council of the City of Elk River, Minnesota, as follows: 1. The bid of (the "Purchaser" ) to purchase $310,000 General Obligation Improvement Bonds, Series 1984 of the City (hereinafter referred to as "Bonds" or individually as "Bond") , in accordance with the notice of bond sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of $ , plus interest accrued to settlement is hereby found, determined and declared to be the most favorable bid received and is hereby accepted, 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. • 2. The Bonds shall be dated August 1, 1984, as the date of original issue and shall be issued forthwith as fully registered bonds. The Bonds shall be numbered from R-1 upward in the denomination of $5,000 each or in any integral multiple thereof. The Bonds shall mature on February 1 in the years and amounts as follows: 1986 $30,000 1987-1988 $25,000 1989-1992 $30,000 1993-1994 $35,000 1995 $40,000 3 . The Bonds shall provide funds for the construc- tion of various improvements (the "Improvements") in the City. The total cost of the Improvements, which shall include all costs enumerated in Minnesota Statutes, Section 475.65, is estimated to be at least equal to the amount of the Bonds herein authorized. Work on the Improvements shall proceed with due diligence to completion. 111 2