12-13-2004 Council Packet - Laserfiche WebLink

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Member introduced the following written resolution and moved its adoption: ** ^ RESOLUTION AWARDING SALE OF S920,000 GENERAL OBLIGATION SEWER IMPROVEMENT REFUNDING BONDS, SERIES 2004B; FIXING THE FORM AND SPECIFICATIONS THEREOF, PROVIDING FOR THEIR EXECUTION AND DELIVERY. AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follows: 1. The proposal of (the “Purchaser’’) to purchase the $920,000 General Obligation Improvement Refunding Bonds, Scries 2004B of the City at a price”of S_______________plus accrued interest is hereby found and determined to be the best proposal received and shall be and is hereby accepted, said offer being to purchase Bonds bearing interest according to year of maturity as follows: Maturity (February 1) .2006 2007 2008 2009 Interest Maturity Interest Rate (February 1) Rate % 2010. % 2011 2012 2013 2. To provide funds to refund the City’s outstanding General Obligation Improvement Bonds, Series 1997 (the “Prior Bonds’’), which were issued to finance certain local improvements of the City pursuant to the authority of Chapter 429, Minnesota Statutes, referred to as North Long Lake and Long Lake County Club Sanitary Sewer Improvements, Bay Ridge Hartwood and Brackett’s Point Sanitary Sewer and Orono Ice Arena Sevver and Water (the “Improvements”), die City hereby determines that it is necessary and expedient to issue pursuant to Minnesota Statutes, Chapter 429 and Section 4 75.67, its negotiable General Obligation Improvement Refunding Bonds, Series 2004B (the “Bonds”) in the aggregate orincipal amount of $920,000, dated December 29,2004, which Bonds shall bear interest at the rates above set forth, computed on the basis of a 360-day year of twelve 30-day months, payable August 1,2005 and semiannually thereafter on February 1 and August 1 in each year, and shall mature serially on February 1 in the years and amounts, as follows: