|
ORONO COUNCIL MEETING HELD MAY 24, 1976
<br />Page 10
<br />2. The Council shall meet at the City Hall, on Monday, the 28th day of
<br />June, 1976, at 5:00 o'clock P.M., C.D.T. for the purpose of considering
<br />oids for, and awarding the sale of $2,635,000 negotiable coupon General
<br />bligation Refunding Bonds of 1976, and taking such other action in respect
<br />thereto as may be found necessary or expedient, for the purpose of refunding
<br />-in advance of maturity all of the outstanding Bonds of the Improvement Bonds
<br />of 1974, Improvement Bonds of 1970A and Improvement Bonds of 1970B pursuant
<br />to the authority of Section 475.67, Minnesota Statutes,
<br />3. Ehlers & Associates, Inc. has presented to the City Council forms of
<br />Official Notice of Bond Sale and abbreviated notice of sale for publication.
<br />Butler moved, Searles seconded, to adopt Resolution
<br />#687, subject to:
<br />1. It is understood that Ehlers & A6sociates, Inc.
<br />will perform certain independent financial consult-
<br />ing services relative to the public sale of general
<br />obligation refunding bonds in the sum of $1.00
<br />and other good and valuable consideration, which
<br />services are set forth in the representations
<br />in the letter dated May 24, 1976, addressed to
<br />the City Council of the City of Orono. In addition
<br />to those services which have been provided, Ehlers &
<br />Associates, Inc. agree to pay all attorneys' fees
<br />incurred by the City of Orono, with its bond
<br />consultants, Faegre & Benson, in this matter, and
<br />d1kpay all other debts as related to the public sale
<br />of the general obligation refunding bonds, even
<br />though the City Council may decide not to offer
<br />the bonds for sale at some future time, or may_
<br />decide not to accept the bid if such bonds are
<br />offered for sale.
<br />2. Ehlers & Associates, Inc. has agreed, in
<br />cooperation with The First National Bank of Saint
<br />Paul, to purchase or otherwise at its own risk
<br />provide for the sale to the City for deposit in
<br />the escrow account to be maintained for the bonds
<br />being refunded, securities of the type authorized
<br />by Section 475.67, Subd. 8, Minnesota Statutes,
<br />which will be sufficient to satisfy all requirements
<br />of said Section 475.67 and the proposed arbitrage
<br />regulations under Section 103(d)'of the Internal
<br />Revenue Code of 1954, as amended, so that the bonds
<br />shall not be arbitrage bonds thereunder. Ehlers &
<br />Associates, Inc. has further agreed to assume the
<br />expense of the services of the escrow agent, bond
<br />counsel, and such accountants and actuaries as may
<br />be deemed necessary in connection with the trans-
<br />action and shall arrange for the preparation and
<br />l distribution of information to prospective bidders
<br />*and for printing of the bonds, all subject to approval
<br />and ratification by the City Council. The City
<br />assumes no obligation to Ehlers & Associates, Inc.
<br />for any fee or expenses which may be incurred by
<br />Ehlers & Associates, Inc., it being understood
<br />that Ehlers & Associates, Inc. is not an agent of
<br />RESOLUTION #687
<br />E ft&.Refunding
<br />(Continued)
<br />(Continued)
<br />
|