Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />CITY OF ORONO <br />RESOLUTION OF THE CITY COUNCIL <br /> <br />NO. ________________________ <br /> <br /> <br />4854-7635-7637.1 <br />RESOLUTION AWARDING SALE OF <br />$16,000,000 <br />GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS, SERIES 2021A, <br />FIXING THE FORM AND SPECIFICATIONS <br />THEREOF, PROVIDING FOR THEIR EXECUTION AND <br />DELIVERY, AND LEVYING TAXES FOR THEIR PAYMENT <br />BE IT RESOLVED by the City Council (the “City Council”) of the City of Orono (the <br />“City”), Minnesota, as follows: <br />ARTICLE I <br />AUTHORIZATION AND SALE <br />1.01. Authorization and Purpose. At a meeting held on November 8, 2021, this <br />Council determined to sell and issue its general obligation bonds of the City in the total aggregate <br />principal amount of approximately $16,000,000 (as more fully described herein, the “Bonds”). <br />The Bonds are being issued to finance various capital improvement projects identified in the City’s <br />2022 to 2026 Supplemental Capital Improvement Plan adopted November 8, 2021 (the “Plan”) <br />pursuant to Minnesota Statutes, Section 475.521. In the Terms of Offering (the “Terms of <br />Offering”), the City reserved the right, after proposals were opened and prior to award, to increase <br />or decrease the principal amount of the Bonds offered for sale or the amount of any individual <br />maturity, with the increase or decrease to occur in multiples of $5,000 in any of the maturities. <br />The Terms of Offering are hereby ratified and confirmed in all respects and are incorporated herein <br />by reference as though fully specified in this Article. <br />1.02. Sale. The City Council, having been advised by Ehlers and Associates, Inc., its <br />independent municipal advisor (the “Municipal Advisor”), authorized its Municipal Advisor to <br />solicit proposals on behalf of the City for the sale of the Bonds (as defined below) on a competitive <br />basis without requirement of published notice, all in accordance with Minnesota Statutes, Section <br />475.60, Subdivision 2. The City Council has publicly received and considered all proposals <br />presented in conformity with the Terms of Offering. The most favorable of such proposals is <br />ascertained to be that of ___________ (the “Purchaser”) to purchase the Bonds at a price of <br />$_________ plus interest accrued to settlement, and upon the further terms and conditions set forth <br />in the Terms of Offering and this resolution. The proposal of the Purchaser is hereby accepted and <br />the sale of the Bonds is hereby awarded to the Purchaser.