06-23-1997 Council Packet - Laserfiche WebLink

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r selected, but only so much of the principal amount of each Bond of a denomination of more than $5,000 shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. The Bonds shall be numbered R-1 upwards in order of issuance or in such other order as the Registrar may determine and shall be in the denomination of $5,000 each or any integral multiple thereof not exceeding the amount maturing in any year. 3. The Bonds are being issued to provide financing of estimated costs in the minimum amount of $1,735,360, including contract price, construction interest and legal, fiscal and miscellaneous costs for certain local improvements of the City pursuant to the authority of Chapter 429, Minnesota Statutes, referred to as North Long Lake and Long Lake County Club Sanitary Sewer Improvements, Bay Ridge/Hartwood and Brackett’s Point Sanitary Sewer and Orono Ice Arena Sewer and Water, and also to provide additional interest in the amount of $34,640 in the form of obligations as authorized in Section 475.56, Minnesota Statutes, consisting of bonds maturing in 1999. The City Council has made all necessary investigation and hereby finds and determines as follows: The City Council has held a public hearing after due notice regarding each such improvement and has ordered in each such improvement b. Contract for the construction of each such improvement will be entered into within the time prescribed by law. c.Each such improvement will be a special benefit to property in the City and that the total cost of such improvements is at least the amoimt set forth above. d. Special assessments for each such improvement may and will be levied on the benefited property in an amount equal to at least 20% of the cost thereof 4. The Bonds, the Registrar’s Authentication Certificate and the form of assignment shall be in substantially the following form: