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7 °1V0\ CITY OF ORONO <br /> RESOLUTION OF THE CITY COUNCIL <br /> --\S• <br /> L <br /> 4kEsHOV-'c <br /> RESOLUTION AUTHORIZING PREPAYMENT AND <br /> REDEMPTION OF OUTSTANDING BONDS <br /> BE IT RESOLVED by the City Council of the City of Orono, Minnesota(the "City"), as <br /> follows: <br /> Section 1. Pursuant to resolution adopted by this Council on December 13, 2010,the <br /> City issued its General Obligation Bonds, Series 2010A in the original principal amount of <br /> $4,315,000 (the"2010A Bonds"). <br /> Section 2. $1,460,000 of the 2010A Bonds were allocated pursuant to Minnesota <br /> Statutes, Section 475.58 to finance the Orchard Road street reconstruction project, of which <br /> $565,000 remains outstanding(the "Street Reconstruction Portion"). <br /> Section 3. $1,660,000 of the 2010A Bonds were allocated pursuant to Minnesota Statutes, <br /> Section 162.18 to finance the Old Crystal Bay Road state-aid street project, of which$640,000 <br /> remains outstanding(the"State Aid Portion"). <br /> Section 4. $1,195,000 of the 2010A Bonds were allocated pursuant to Minnesota <br /> Statutes, Section 475.521 to effect a refunding of outstanding debt issued for the City's Fire Hall, <br /> of which$0 remains outstanding(the "Capital Improvement Portion"). <br /> Section 5. This Council has determined that it has or will have sufficient moneys <br /> available to exercise its option to prepay$1,205,000 of the aggregate in unpaid principal,plus <br /> interest accrued, on the 2010A Bonds currently outstanding. The officers of the City are hereby <br /> authorized and directed (i)to give notice to Bond Trust Services Corporation, as registrar(the <br /> "Registrar") of the City's intention to exercise its option to prepay; and (ii)to direct that the <br /> Registrar redeem, as soon as is practicable, the outstanding balance of the 2010A Bonds. <br /> Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held October <br /> 11, 2021. <br /> ATTEST: <br /> firO0000 <br /> / <br /> Anna Carlson, City Clerk Dennis Walsh, Mayor <br />