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The Council t <br />After the bids had been <br />Hudson <br />and moved its adoption: <br />hen proceeded to consider such bids. <br />considered and discussed, member <br />introduced the following resolution <br />RESOLUTION ACCEPTING BID ON SALE OF <br />$79,000 IMPROVEMENT <br />BONDS OF 1971 <br />AND PROVIDING FOR THEIR ISSUANCE <br />BE IT RESOLVED by the Council of the Village of <br />Elk River, Minnesota, as follows: <br />1. That the bid of Allison -Williams Company <br />to purchase $79,000 Improvement Bonds of 1971 of the Village, <br />in accordance with the notice of bond sale, at the rates of <br />interest hereinafter set forth, and to pay therefor the sum <br />of $ 77 815 (plus a premium of - * ) is hereby found, <br />determined and declared to be the most favorable bid received, <br />and is hereby accepted and said bonds -are hereby awarded to <br />said bidder. The Village Clerk is directed to retain the <br />deposit of said bidder and to forthwith return the good faith <br />checks or drafts to the unsuccessful bidders. Said bonds <br />shall be payable as to principal and interest at Northwestern <br />National Bank of Minneapolisp Minnesota <br />2. The $79,000 negotiable coupon general obliga- <br />tion bonds of the Village shall be dated December 1, 1971 <br />and shall be issued forthwith. Said bonds shall be' 18 <br />in number and numbered from 1 to 18 , both inclusive, in <br />the denomination of $ 59000 each, except for bonds nos. <br />15 to 18 , both inclusive, which shall be in the denom- <br />ination of T1,000 each. Said bonds shall mature serially, <br />lowest numbers first, without option of prepayment, on <br />December 1 in the years and amounts as follows: <br />$10,000 in each of the years 1973 <br />to 19793 both inclusive; <br />$ 9,000 in the year 1980. <br />3. Said bonds shall provide funds for the construc- <br />tion of street, sewer and water improvements in the Village. <br />The total cost of said improvements, including the cost of <br />construction under the terms of the lowest bid received for <br />each phase thereof, engineering, legal and other professional <br />charges, publication and printing costs, interest accruing <br />on money borrowed for the improvements before the collection <br />of special assessments levied therefor, and all other costs <br />necessarily incurred and to be incurred from the inception <br />to the completion of the improvements, is estimated to be <br />at least equal to the amount of the bonds herein authorized. <br />-2- <br />