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J <br />ORONO COUNCIL MEETING HELD MAY 24, 1976 <br />Massengale moved, Welsh seconded, to approve <br />the conditional use permit for Donald Hagen, <br />02130 Shadywood Road, subject to approval of <br />staff and work being completed in the following <br />order: <br />1. Remove pump house <br />2. Rip rap shoreline <br />3. Grade area. <br />Motion, Ayes ( 5 ) - Nays (0) . <br />Butler moved, Massengale seconded, that <br />Resolution #686, A Resolution Authorizing <br />Participation In Joint And Cooperative <br />Agreement In "Hennepin Emergency Communication <br />Organization", be adopted. Motion, Ayes (5) - <br />Nays (0). <br />Mr. Bill Fahey, representing Ehlers & Associates, <br />stated that the April 8, 1976 report to the <br />City Council was submitted as an agent of the <br />City and that the May 24, 1976 report outlining <br />advance bond refunding was submitted not as an <br />agent of the City but as the principal. The <br />Wity bond attorney, Faegre & Benson, submitted <br />he following resolution: <br />RESOLUTION #687 <br />Page 9 <br />CONDITIONAL USE PERMIT <br />1230 Shadywood Road, <br />(Continued) <br />RESOLUTION #686 <br />Emergency Communication <br />ADVANCE BOND REFUNDING <br />RESOLUTION #687 <br />A RESOLUTION PROVIDING FOR THE <br />PUBLIC SALE OF $2,635,000 <br />GENERAL OBLIGATION REFUNDING BONDS <br />BE IT RESOLVED by the City Council of the City of Orono, Minnesota, as follows. <br />1. It is hereby found and determined that the City presently has outstanding <br />the following bond issues: <br />Description <br />Improvement Bonds of 1974 <br />Improvement Bonds of 1970A <br />Improvement Bonds of 1970B <br />Amount <br />$1,700,000 <br />240,000 <br />695,000 <br />Dated <br />Present Net <br />Interest Cost <br />9/1/74 6.7456% <br />8/1/70 6.6285% <br />8/1/70 6.6753% <br />The City has been advised by Ehlers & Associates, Inc., who have acted as <br />financial consultants to the City, that the interest cost to the City could <br />be substantially reduced by refunding in advance of maturity all outstanding <br />bonds of the above issues, and that the refunding program could, at present, <br />C be undertaken in such a manner as to comply with Minnesota Statutes, <br />r"ection 475.67, and'applicable Federal laws and Internal Revenue Service <br />egulations relating to "arbitrage bonds". It is hereby found and determined <br />to be in the best interests of the City to proceed with the advertisement <br />U •of sale $2,635,000 General Obligation Refunding Bonds for such purpose. <br />L <br />(Continued) <br />