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. . . Member Schuldt introduced the following resolution and moved its adoption: RESOLUTION NO. 92-47 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $2,350,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1992A. BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the City), as follows: Section 1. Authoriz~tion and Sale. 1.01. This Council, by resolution duly adopted May 4, 1992 (the Prior Resolution), authorized the issuance and sale of the General Obligation Improvement Bonds, Series 1992A, of the City, initially dated June I, 1992, hereinafter called "the Bonds," the proceeds of which are to be used, together with any additional funds of the City which might be required, to finance the costs of two improvement projects known as the Western Area Phase I Improvement Project and the Westwood Improvement Project (the Improvements). 1.02. The Prior Resolution authorized and directed Springsted Incorporated (Springsted), fiscal consultant to the City, to negotiate on behalf of the City with potential purchasers of the Bonds for the purchase of the Bonds in accordance with the Terms of Proposal set forth in the Official Statement dated May 18, 1992, prepared in connection with the offer to sell the Bonds. six (~) proposals for the purchase of the Bonds have been received at the time and place designated in the Terms of Proposal. The proposals received are described on the schedule attached hereto. 1.03. The Council has publicly considered all proposals presented in conformity with the Terms of Proposal. The most favorable of such proposals is determined to be that of Cronin & Co., Inc. (the Purchaser), to purchase the Bonds at a price of $2. 316. 136. 50plus accrued interest to the day of delivery and payment, and upon the further terms and conditions set forth in this resolution. The proposal of the Purchaser is hereby accepted and the sale of the Bonds is hereby awarded to the Purchaser. 1.04. ~he Mayor and the Administrator are directed to execute ~n duplicate a contract on the part of the City for the sale of the Bonds in accordance with the terms described in Section 1.03, and to deliver a duplicate to the Purchaser. The City Treasurer is directed to deposit the Purchaser's check securing the contract of sale, and to return the checks securing other bids to the respective bidders. 2.