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JUN. 25. 1999 8:39AM EHIERS USSOC.NO. 4700 D C • <br />' • W <br />Member introduced the following written resolution and <br />moved its adoption: <br />RESOLUTION NO. <br />RESOLUTION AWARDING SALE OF $1,190,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS, SERIES 1999, <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 purchase <br />the $1,190,000 General Obligation Improvement Bonds, Series 1999 of the City at a price of <br />$ _______plus accrued interest is hereby found and determined to be the best <br />proposal received pursuant to the Ternis 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 />Maturity Interest Maturity <br />('February 1)Edis tFebruarv n <br />2001 %2009 <br />2002 2010 <br />2003 2011 <br />2004 2012 <br />2005 2013 <br />2006 2014 <br />2007 2015 <br />2008 <br />Interest <br />Rate <br />% <br />1998/ <br />2. To provide funds for the City’s 1999 Improvement Projects as <br />described in paragraph 3 (the "Improvements"), the City hereby determ’mes that it is <br />necessary and expedient to issue pursuant to Minnesota Statutes, Chapter 429, its negotiable <br />General Obligation Improvement Bonds, Series 1999 (the “Bonds ) in the aggregate <br />principal amount of $1,190,000, dated July 1,1999. which Bonds shall bear interest at the <br />rates above set forth, computed on the basis of a 360-day year of nvclve 30-day months, <br />payable Fcbruar>' 1,2000 and semiannually thereafter on February I and August 1 in each <br />year, and shall mature serially on February 1 in the years and amounts as follows: