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RESOLUTION AWARDING SALE OF $75,000 GENERAL <br />OBLIGATION EQUIPMENT CERTinCATES OF INDEBTEDNESS, <br />SERIES 2003, FIXING THE FORM AND SPECIFICATIONS <br />THEREOF, PROVIDING FOR THEIR EXECUTION AND <br />DELIVERY, AND LEVYING TAXES FOR THEIR PAYMENT <br />follows: <br />BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as <br />I. The proposal of Anchor Bank, N.A. to purchase the S75,000 General <br />Obligation Equipment Certiflcates of Indebtedness, Series 2003 of the City is hereby found and <br />determined to be a favorable proposal and shall be and is hereby accepted, said proposal being to <br />purchase Certificates bearing interest at the rate of 1.40% and at a price of 575,000 plus accrued <br />interest. <br />2. To provide funds for the purpose of purchasing public safety vehicles <br />pursuant to the authority of Section 412.301 and Chapter 475, Minnesota Statutes, the City shall <br />forthwith issue its negotiable General Obligation Equipment Certificates of Indebtedness, Series <br />2003 (the “Certificates”) in the aggregate principal amount of $75,000, to be dated March 17, <br />2003, to mature on March 17,2004, to bear interest at the rate of 1.40% per annum, payable on <br />September 17,2003 and at maturity on March 17,2004. All Certificates are without option of <br />prior payment. <br />3. The Certificates, the Registrar ’s Authentication Certificate and the form of <br />assignment and on the reverse side thereof shall be in substantially the following form: <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF HENNEPIN <br />CITY OF ORONO <br />No. R-l S75,000 <br />GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATE OF INDEBTEDNESS, SERIES 2002 <br />Interest Rate <br />1.40% <br />Maturity <br />March 17,2004 <br />Date of Original Issue <br />March 17,2003