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0 <br />0. - <br />0 <br />RESOLUTION NO. 683 <br />RESOLUTION CONCEPTUALLY APPROVING CERTAIN <br />ACTION RELATING TO POSSIBLE PUBLIC SALE <br />OF GENERAL OBLIGATION REFUNDING BONDS <br />WHEREAS, the City of Orono presently has outstanding the <br />following: <br />Description <br />Improvement Bonds <br />Improvement Bonds <br />Improvement Bonds <br />Amount Dated Present NIC <br />of 1974 $1,700,000 9/1/74 6.7456% <br />of 1970-A 240,000 8/1/70 6.6285% - <br />of 1970-B 695,000 8/1/70 6.67530 <br />WHEREAS, the City has been advised by Ehlers & Associates, <br />Inc., financial consultants to the city,. that the interest cost,to <br />the"city would be substantially reduced by refunding in advance of <br />maturity all outstanding bonds of the above issues, and that the <br />refunding program would, at present, be undertaken in such a manner <br />as to comply with the Minnesota Statutes, Section 475.67, and <br />applicable federal laws and Internal Revenue Service regulations. <br />relating to "arbitrage bonds", <br />NOW, THEREFORE, BE IT RESOLVED: <br />I. It is hereby found and determined to be in the best <br />interest of the city to proceed with a determination of whether <br />the advertisement of general obligation bonds for such purpose <br />should be undertaken. <br />2. The city shall retain Ehlers & Associates, Inc. for one <br />dollar ($1.00) and other good and valuable consideration to investi <br />gate further the possibilities of the sale of the general obligation <br />refunding bonds with all additional expenses to be paid by Ehlers & <br />Associates, Inc. <br />3. The city retains Faegre & Benson as special bond counsel <br />to investigate further on behalf of the city the possibility of the <br />proposed sale of the general obligation refunding bonds at no <br />expense to the city, since Ehlers & Associates, Inc. have agreed <br />to pay for any attorneys' fees incurred by the city related to <br />the general obligation refunding bonds. <br />