Laserfiche WebLink
Member introduced the foEowing written resolution and <br />moved its adoption <br />RESOLUTION AWARDING SALE OF $1,910,000 GENERAL <br />OBLIGATION REFUNDING BONDS OF 1995, <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 itv Council of the City of Orono, Minnesota, as follows: <br />I The proposal of (the “Purchaser”) to purchase the <br />$1,910,000 General Obligation Refunding Bonds of 1995 of the City is hereby found and <br />determined to be the best proposal received pursuant to the Terms of Proposal, and shall be <br />and is hereby accepted, said offer being to purchase Bonds bearing interest according to year <br />of maturity as follows; <br />Maturity <br />(February I) <br />1997 <br />1998 <br />1999 <br />Interest <br />Rate <br />MaturiW <br />(Februar\ 1) <br />2000 <br />2001 <br />2002 <br />Interest <br />Rate <br />2 fo provide funds for refunding in advance of maturity' the redeemable portions <br />of its outstanding General Obligation Improvement Bonds of 1985 (the “Series 1985 Bonds”) <br />and Its outstanding (ieneral Obligation Water and Sewer Bonds of 1989 (the “Series 1989 <br />Bonds” and together with the Scries 1985 Bonds, the “Prior Bonds”), the City hereby <br />determines that it is necessary and expedient to issue pursuant to Minnesota Statutes, Section <br />475 67, its negotiable General Obligation Refunding Bonds of 1995 (the “Bonds”) in the <br />aggregate principal amount of SI,910,000, dated December 26. 1995, which Bonds shall bear <br />interest at the rates above set forth, computed on the basis of a 360-day year of tvselve 30-day <br />months, payable August 1. 1996 and semiannually thereafter on I'ebiuary 1 and August 1 m <br />each year, and shall mature serially on February 1 m the years and amounts as follows;