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<br /> <br />Member <br /> <br />Engstrom <br /> <br />then introduced the following <br /> <br />. resolution and moved its adoption: <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 85-39 <br /> <br />RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE, <br />PRESCRIBING THE FORM AND DETAILS, AND PROVIDING FOR <br />THE PAYMENT OF $850,000 GENERAL OBLIGATION TAX <br />INCREMENT BONDS, SERIES 1985A <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 July 15, <br />1985, authorized the issuance and sale of General Obligation <br />Tax Increment Bonds, Series 1985A, of the Issuer, initially <br />dated.September 1, 1985, hereinafter called "the Bonds," to <br />finance the cost of certain improvements under a tax increment <br />financing plan in Tax Increment Financing District No. 1 <br />established by the Issuer. <br /> <br />1.02. 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 Allison-Nilliams <br />Company (the Purchaser), to purchase the <br />Bonds at a price of $833,400.00 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. The amount of the purchase <br />price in excess of Eight Hundred Thirty-three Thousand Four <br />Hundred Dollars ($833,400), if any, shall be deposited in the <br />debt service account created by section 4.01 of this <br />resolution. <br /> <br />1.03. The Mayor and the City Clerk-Administrator are <br />directed to execute in duplicate a contract on the part of the <br />Issuer for the sale of the Bonds in accordance with the terms <br />described in Section 1.02, and to deliver a duplicate to the <br />Purchaser. The Treasurer is directed to deposit the <br />Purchaser's check securing the contract of sale and to return <br />the checks securing other bids to the respective bidders. <br /> <br />Section 2. Bond Terms; Reqistration; Execution and <br />Delivery. <br /> <br />2.01. Maturities; Interest Rates; Denominations. The Bonds <br />shall be designated General Obligation Tax Increment Bonds, <br />Series 1985A, shall be originally dated as of September 1, <br />1985, shall be in the denomination of $5,000 each, or any <br /> <br />4. <br />