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After due consideration of the bids, Councilmember ,,Gary Reimann its adoption: introduced the following resolution, and moved RESOLUTION 78~-27 RESOLUTION AWARDING THE SALE OF $345,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1978; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED By the City Council of the City of Ramsey, Minnesota, as follows: 1. The bid of American National Bank and Trust Company of St. Paul, Minnesota to purchase $345,000 General Obligation Improvement Bonds of 1978, of the City described in the notice of sale thereof is hereby found and determined to be the highest and best bid received pursuant to duly advertised notice of sale and shall be and is hereby accepted, such bid being to purchase such bonds at a price of $ 339,859.50 plus accrued interest to date of delivery, such bonds to bear interest as follows: 'The sum of $679.50 , being the amount bid in excess of $339,180, and the sum of $29,900 representing capitalized interest, shall be credited'to the bond sinking fund hereinafter created. The City Clerk-Treasurer is directed to retain the good faith check of the successful bidder pending completion of the sale and delivery of the bonds. The City Clerk-Treasurer is directed to return the checks of the unsuccessful bidders forthwith. 2. The City of Ramsey shall forthwith issue and sell its General Obligation Improvement Bonds of 1978 (the "Bonds"), in the principal amount of $345,000 dated October 1, 1978, the Bonds being 69 in number and numbered 1 to 69, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable April 1, 1979, and semiannually thereafter on October 1 and April 1 in each year, and which Bonds