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Cur 'H;-m <br />rr> <br />r <br />w <br />;■ <br />i- <br />k;’„ <br />VY <br />wr <br />■ <br />(,.•. <br />•i'v. <br />‘'’k-i.fsa; <br />if <br />#' <br />vA ;• <br />ja;*'''-"'S'liV'W-fc <br />fe. <br />:te-'A <br />Orono Primary School Alice McPherson, head judge <br />Judith Davies <br />Carol Strassburg <br />Jeanne Sorensen <br />Sharon Peschel <br />Substitute: Ken Turnham <br />Motion carried. <br />John Maresh MOVED, Don Anderson seconded, the following resolution authorizing <br />the issuance of tax anticipation certificates of indebtedness: <br />A. <br />B. <br />C. <br />0. <br />E. <br />WHEREAS, Minnesota Statutes, Sections 1P4.72 to 126.76, both inclusive, <br />authorizes school districts, in anticipation of the receipt of general <br />taxes theretofore levied for school purposes, to issue certificates of <br />indebtedness in the aggregate amount not to exceed fifty percent (50%) <br />of such general taxes due and payable in calendar year 1992 and not yet <br />received and as to which taxes no penalty for nonpayment or delinquency <br />has attached; and , . . . ^ , .4 .4 «.WHEREAS, the total amount of general taxes levied by Orono Independent <br />School District Numoer 278 (the "Oistrict"), for school purposes for <br />the year 1992 not yet received and as to which no penalty for non­ <br />payment delinquency has attached is not less than $8,885,763, and <br />WHEREAS, pursuant to the provisions of Minnesota Statutes, Section <br />124.76,'subdivision 2. the District has the authority to npgotiate the <br />private sale of the Certificates without complying with public sale <br />requirements because the Certificates mature no later than 13 months <br />after their date of issuance; and . ^ . <br />WHEREAS, the Board of Education (the "Board"), has heretofore deter­ <br />mined that it is necessa.y and expedient to issue its Certificates of <br />Indebtedness in the aggregate principal amount not to exceed $900,000; <br />WHEREAS, direct negotiations have taken place with the State Bank of <br />Long Lake on the interest rate <br />NOW THEREFORE, BE IT RESOLVED by the Board of Education of Orono <br />Independent School District Number 278, Minnesota, as follows: <br />1. The Board authorize the Treasurer to sign Certificates of Indebtedness <br />with the State Bank of Long Lake not to exceed $900,000 at an interest <br />rate not to exceed 8% per annum. <br />2. The Board pledges state and local property taxes it receives to the <br />redemption of the Certificate of Indebtedness no later than June 15, <br />1992. <br />Neal Lawson answered questions from the Board for clarification purposes.