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. . . issue its general obligation improvement bonds to finance the four improvement projects. 1.02 Springsted has recommended that the sale of improvement bonds in the aggregate principal amount of One Million Nine Hundred Seventy-five Thousand Dollars ($1,975,000) be authorized. Springsted has further recommended that a rating with respect to the bonds be sought from Moody's Investment Services, Inc. (Moody's). 1.03 It is necessary and desirable to the sound financial management of the City that the City issue and sell its General Obligation Improvement Bonds, Series 1986A (the Bonds) to finance the costs of the four improvement projects. 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 Bands shall be One Million Nine Hundred Seventy-five Thousand Dollars ($1,975,000). The Mayor or the City Administrator, and either of them, are hereby authorized 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, July 21, 1986, 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 Councilmember Gunkel and upon vote being taken thereon, the following voted in favor of the motion: All members and the following was voted against: None whereupon said'resolution was declared duly passed and adopted.