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. • •Member introduced the following written resolution and <br />moved its adoption: <br />RESOLUTION NO. <br />RESOLUTION AWARDING SALE OF $925,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS, SERIES 2000, <br />FIXING THE FORM AND SPECIFICATIONS <br />THEREOF, PROVIDING FOR THEIR EXECUTION AND <br />DELIVERY, AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as <br />follows: <br />1. The proposal of (the "Purchaser") to <br />purchase the $925,000 General Obligation Improvement Bonds, Series 2000 of the City at a <br />price of $__________plus accrued interest is hereby found and determined to be the best <br />proposal received pursuant to the Terms of Proposal, and shall be and is hereby accepted, <br />said offer being to purchase Bonds bearing interest according to year of maturity as follows: <br />Interest <br />Rate <br />Maturity Interest Maturity <br />IFebruarv 11 Hat^fFebruarv \ ) <br />2002 %2010 <br />2003 2011 <br />2004 2012 <br />2005 2013 <br />2006 2014 <br />2007 2015 <br />2008 2016 <br />2009 <br />2. To provide funds for the City’s 2000 Improvement Projects as <br />described in paragraph 3 (the "Improvements"), the City hereby determines that it is <br />necessary and expedient to issue pursuant to Minnesota Statutes, Section 444.075 and <br />Chapter 429, its negotiable General Obligation Improvement Bonds, Series 2000 (the <br />"Bonds") in the aggregate principal amount of $925,000, dated September I, 2000, which <br />Bonds shall bear interest at the rates above set forth, computed on the basis of a 360-day year <br />of twelve 30-day months, payable August 1, 2001 and semiannually thereafter on February 1 <br />and August 1 in each year, and shall mature serially on February 1 in the years and amounts <br />as follows: <br />-2-