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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />CITY OF ORONO <br />RESOLUTION OF THE CITY COUNCIL <br /> NO. 7427 <br /> <br /> <br />The aggregate original principal amount of the Property Leases shall not exceed the Principal <br />Amount and shall bear interest as set forth in the Property Leases and the Property Leases shall <br />contain such options to purchase or prepay by the Lessee as set forth therein. <br /> <br />The Lessee's obligations under the Property Leases shall be subject to annual appropriation or <br />renewal by the City Council as set forth in each Property Lease and the City’s obligations under <br />the Property Leases shall not constitute general obligations of the City or indebtedness under the <br />Constitution or laws of the State. In addition, the funds necessary to meet the principal and/or <br />interest payments under the Property Leases for the current fiscal year are hereby appropriated. <br /> <br />Section 6. As to each Property Lease, the City reasonably anticipates that it and entities <br />controlled by it will not issue more than $10,000,000 of tax-exempt obligations (other than <br />"private activity bonds" which are not "qualified 501(c)(3) bonds") during the calendar year in <br />which each such Property Lease is issued and hereby designates each Property Lease as a <br />qualified tax-exempt obligation for purposes of Section 265(b) of the Internal Revenue Code of <br />1986, as amended. <br /> <br /> ADOPTED by the City Council of the City of Orono, Minnesota, and this 13th day of <br />November, 2023. <br /> <br />ATTEST: <br /> <br /> <br />_____________________________________ ______________________________ <br />Christine Lusian, City Clerk Dennis Walsh, Mayor