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Member Kropuenske introduced the following resolution and ~ moved its adoption: RESOLUTION NO. 92-71 RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, PRESCRIBING THE FORM AND DETAILS AND PROVIDING FOR THE PAYMENT OF $560,000 GENERAL OBLIGATION TEMPORARY IMPROVEMENT BONDS, SERIES 1992C. BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (the City), as follows: Section 1. Authorization and Sale. ~ 1.01. This Council, by resolution duly adopted July 6, 1992 (the Prior Resolution), authorized the issuance and sale of the General Obligation Temporary Improvement Bonds, Series 1992C, of the City, initially dated September 1, 1992, hereinafter called "the Bonds," the proc~eds of ~hich are to be used, together with any additional funds. of the City which might be required, to finance the costs of an improvement project known as the Hillside Estates Development Improvement Project (the Improvements). 1.02. The Prior Resolution authorized and directed Springsted Incorporated (Springsted), fiscal consu~tant 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 July 20, 1992, prepared in connection with the offer to sell the Bonds. eiqht (JL) 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 FBS Investment Services Inc. (the Purchaser), to purchase the Bonds at a price of $557,480.00 plus 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. The Mayor and the Administrator are directed to execute in 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.