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Member introduced the following written resolution <br />and moved its adoption: <br />RESOLUTION AWARDING SALE OF $885,000 GENERAL <br />OBLIGATION SEWER IMPROVEMENT REFUNDING BONDS, SERIES 2003A, <br />FIXING THE FORM AND SPECIFICA HONS <br />THEREOF, PROVIDING FOR THEIR EXECUTION AND <br />DELIVERY, AND PROVIDING 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 (the “Purchaser”) to purchase <br />the $885,000 General Obligation Sewer Improvement Refunding Bonds, Series 2003A of the <br />City at a price of $______________plus accrued interest is hereby found and determined <br />to be the best proposal received and shall be and is hereby accepted, said otTer being to <br />purchase Bonds bearing interest according to year of maturity as follows: <br />Maturity <br />(February l> <br />Interest <br />Rate <br />2004 <br />2005 <br />2006 <br />2007 <br />2008 <br />2. To provide funds to refund the City's outstanding General Obligation <br />Sewer improvement Bonds of 1993 (the “Prior Bonds”), which were issued to finance <br />___________(the “Improvements”), the City hereby determines that it is necessary and <br />expedient to issue pursuant to Minnesota Statutes, Chapter 429 and Section 475.67, its <br />negotiable General Obligation Sewer Improvement Retunding Bonds, Scries 2003A (the <br />“Ronds”) in the aggregate principal amount of $885,000, dated July 1,2003, which Bonds <br />shall bear interest at the rates above .set forth, computed on the basis of a 360-day year of <br />twelve 30-day months, payable February 1, 2004 and scniluiuiually thereafter on February 1 <br />and August 1 in each year, and shall mature serially on February 1 in the years and amounts, <br />without option of prior payment, as follows: