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<br />. <br /> <br />Member <br /> <br />Schuldt <br /> <br />then introduced the following <br /> <br />resolution and moved its adoption: <br /> <br />RESOLUTION NO. 89- 67 <br /> <br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, <br />PRESCRIBING THE FORM AND DETAILS, AND PROVIDING FOR <br />THE PAYMENT OF $410,000 GENERAL OBLIGATION TAXABLE <br />TAX INCREMENT BONDS, SERIES 1989B <br /> <br />BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota (the Issuer), as follows: <br /> <br />Section 1. Authorization and Sale. <br /> <br />1.01. This Council, by resolution duly adopted <br />September 25, 1989, authorized the issuance and sale of General <br />Obligation Taxable Tax Increment Bonds, Series 1989B, of the <br />Issuer, hereinafter called "the Bonds," to finance the cost of <br />certain improvements under a tax increment financing plan in <br />Tax Increment Financing District No. 6 established by the <br />Issuer (the Project). <br /> <br />. <br /> <br />1.02. A resolution adopted by this Council on <br />September 25, 1989, set the meeting of the Council held on <br />October 23, 1989, as a meeting to consider sale of the Bonds <br />pursuant to sealed bids. At the time of the meeting held <br />October 23, 1989, it was determined that it was necessary to <br />postpone the consideration of the sale of the Bonds until the <br />Council meeting to be held November 6, 1989. <br /> <br />1.03. Notice of sale of the Bonds has been duly published, <br />and the Council has publicly considered all sealed bids <br />presented in conformity with the notice. The most favorable of <br />such bids is determined to be that of Miller, Johnson & <br />Kuehn, Inc. (the Purchaser), to purchase the <br />Bonds at a price of $403,850 plus accrued interest to the <br />day of delivery and payment, and upon the further terms and <br />conditions set forth in this resolution. The bid of the <br />Purchaser is hereby accepted and the sale of the Bonds is <br />hereby awarded to the Purchaser. <br /> <br />1.04. The Mayor and the City Administrator are directed to <br />execute in duplicate a contract on the part of the Issuer for <br />the sale of the Bonds in accordance with the terms described in <br />Section 1.03, and to deliver a duplicate to the Purchaser. The <br />City Treasurer is directed to deposit the Purchaser's check <br />securing the contract of sale and to return the checks securing <br />other bids to the respective bidders. <br /> <br />. <br /> <br />4. <br />