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Member introduced the following written resolution and <br />moved its adoption: <br />RESOLUTION NO. <br />RESOLUTION AWARDING SALE OF $1,760,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS, SERIES 1997, <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 $1,760,000 General Obligation Improvement Bonds, Series 1997 of the City is <br />hereby found and determined to be the best proposal received pursuant to the Terms of <br />Proposal, and shall be and is hereby accepted, said offer being to purchase Bonds bearing <br />interest according to year of maturity as follows: <br />Maturity Interest Maturity <br />(Februarv 1)Rate (Tebruarv 1) <br />1999 2007 <br />2000 2008 <br />2001 2009 <br />2002 2010 <br />2003 2011 <br />2004 2012 <br />2005 2013 <br />2006 <br />Interest <br />Rate <br />2, To provide funds for the City’s 1997 Improvement Projects as described <br />in paragraph 3 (the "Improvements"), the City hereby determines that it is necessary and <br />expedient to issue pursuant to Miimesota Statutes, Chapter 429, its negotiable General <br />Obligation Improvement Bonds, Series 1997 (the "Bonds ”) in the aggregate principal amount <br />of $1,760,000, dated July 1, 1997, which Bonds shall bear interest at the rates above set forth, <br />computed on the basis of a 360-day year of twelve 30-day months, payable February 1,1998 <br />and semiarmually thereafter on February 1 and August 1 in each year, and shall mature serially <br />on February 1 in the years and amounts as follows: <br />-2-