10-11-2021 Council Packet - Laserfiche WebLink

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CITY OF ORONO RESOLUTION OF THE CITY COUNCIL NO. 7229 RESOLUTION AUTHORIZING PREPAYMENT AND REDEMPTION OF OUTSTANDING BONDS BE IT RESOLVED by the City Council of the City of Orono, Minnesota (the “City”), as follows: Section 1. Pursuant to resolution adopted by this Council on December 13, 2010, the City issued its General Obligation Bonds, Series 2010A in the original principal amount of $4,315,000 (the “2010A Bonds”). Section 2. $1,460,000 of the 2010A Bonds were allocated pursuant to Minnesota Statutes, Section 475.58 to finance the Orchard Road street reconstruction project, of which $565,000 remains outstanding (the “Street Reconstruction Portion”). Section 3. $1,660,000 of the 2010A Bonds were allocated pursuant to Minnesota Statutes, Section 162.18 to finance the Old Crystal Bay Road state-aid street project, of which $640,000 remains outstanding (the “State Aid Portion”). Section 4. $1,195,000 of the 2010A Bonds were allocated pursuant to Minnesota Statutes, Section 475.521 to effect a refunding of outstanding debt issued for the City’s Fire Hall, of which $0 remains outstanding (the “Capital Improvement Portion”). Section 5. This Council has determined that it has or will have sufficient moneys available to exercise its option to prepay $1,205,000 of the aggregate in unpaid principal, plus interest accrued, on the 2010A Bonds currently outstanding. The officers of the City are hereby authorized and directed (i) to give notice to Bond Trust Services Corporation, as registrar (the “Registrar”) of the City’s intention to exercise its option to prepay; and (ii) to direct that the Registrar redeem, as soon as is practicable, the outstanding balance of the 2010A Bonds. Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held October 11, 2021. ATTEST: ______________________________ _______________________________________ Anna Carlson, City Clerk Dennis Walsh, Mayor