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. . . 1.04 It is necessary and desirable to the sound financial management of the City that the City issue and sell its General obligation Refunding and Improvement Bonds, Series 1985 (the Bonds) to refund in advance of maturity the outstanding principal amount of the five (5) improvement bond issues to be refunded and to finance the costs of the Ridgewood Lane improvement. Section 2. Sale of Bonds. 2.01 The City shall issue and sell the Bonds, pursuant to Chapter 429 and 475 of the Minnesota Statutes. The authorized principal amount of the Bonds shall be Two Million Six Hundred Forty Thousand Dollars ($2,640,000); however, the right shall be reserved to increase or reduce the principal amount of the Bonds to be sold by an amount not to exceed One Hundred Seventy-five Thousand Dollars ($175,000). The Mayor or the City Administrator, and either of them, are hereby authorized to apply toMBIA for municipal bond guaranty insurance with respect to the Bonds and to make application to Moody's for a rating with respect to the Bonds. The Bonds shall be issued and sold in accordance with the terms of the Official Terms of Offering, a copy of which, marked Exhibit A, is attached hereto and made a part hereof. 2.02 The City Clerk is authorized and directed to advertise the Bonds for sale in accordance with such Official Terms of Offering and to cause an abbreviated notice of sale in the form of Exhibit B, attached hereto and made a part hereof, to be published in the manner required by law. The City Council shall meet on Monday August 12, 1985, at 7:30 p.m., for the purpose of considering sealed bids on the Bonds and taking any other appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Councilmernber Williams and upon vote being taken thereon, the following voted in favor of the motion: All members present and the following was voted against: None whereupon said resolution was declared duly passed and adopted. 3 .