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CS-CIAfl £f-L£“2 ^ le^TEr <br />RESOLUTION CALLING FOR THE REDEMPTION OF <br />$150,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980 <br />A. WHEREAS, the City Council of the City of Orono, Minnesota, <br />Issued $1,100^000 GENERAL OBLIGATION IMPROVEMENT BONDS dated Decemoar 1, <br />1980; and <br />B. WHEREAS, Bonds maturing in the years 1991 through 1996 <br />are subject’to redemotion and prepayment at th« option of the City on <br />March 1, 1990 and any interest payment date thereafter at a price of <br />lOU of’par plus accrued interest, as provided in the resolution of the <br />City Council dated .loveirber 12, 1980, authorizing the issuance of the <br />Bonds; and <br />C. WHEREAS, the City Council deems it desirable and in the <br />best interests of tne City to call Bonds totalling $150,000 in principal <br />amount (those Bonds due in the years 1995 and 1996), on March 1, 1994, <br />in accordance with the resolution; <br />NOW THEREFORE BE IT RESOLVED By the City Council of the City <br />of Orono, Minnesota, as follows; <br />(1) Redemotion. Bonds totalling $150,000 in principal <br />amount, due in the years 1995 and 1996, shall be redeemed and prepaid <br />on March 1 , 1994 at lOU of par, plus accrued interest for each sucn <br />Bond called. <br />(2) The City Clerk is hereby authorized and directed to give <br />mailed and published notice of call at least 30 days to March 1. <br />1994. Said notice shall be in substantially the form hereto attached. <br />(3) Deposit of ""unds. The City Clerk is hereby authonzed <br />and directed to deposit witn the bank where the Bonds are payable <br />prior to said call date sufficient funds to oay all pnncipa an <br />interest due on the Bonds as of the call data.