02-23-1998 Council Packet - Laserfiche WebLink

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A RESOLUTION AUTHORIZING ISSUANCE AND SALE OF PUBLIC FACILITIES REVENUE REFUNDING BONDS, SERIES 1998 follows: BE IT RESOLVED by the City Council of City of Orono, Minnesota (the City), as Section 1. P.wpQS9- It is he.'eby detennined to be in the best interests of the City to request the Housing and Redevelopment Authority in and for the City of Orono (the Authority) to issue its Public Facilities Revenue Refunding Bonds, Series 1998 (the Bonds), in the approximate principal amount of $2,400,000 to provide funds to pay the costs of issuance and to refund in advance of maturity the 2002 through 2008 maturities of the Authority's outstanding Public Facilities Revenue Bonds, Series 1991, pursuant to Minnesota Statutes, Chapters 469 and 475, as amended, such refunding constituting a "crossover refunding" as defined in Minnesota Statutes, Section 475.67, Subd. 13. Section 2. Further Action. The Authority will adopt a resolution providing for the sale of the Bonds. Ehlers and Associates, Inc., as an independent financial adviser, is hereby authorized to solicit a proposal or proposals for the Bonds on bchdf of the Authority and the City on a negotiated basis. Section 3. Sale Meeting. The Board of Commissioners of the Authority shall meet on March 23, 1998, for the purpose of con.«idering a proposal or proposals for the purchase of the Bonds. This Council shall meet on that seune date to approve the sale and authorize the execution and delivery of necessary documents on behalf of the City. Adopted by the City Council of the City of Orono, Minnesota at a regular meeting held this 23rd day of February, 1998. ATTEST: Gabriel Jabbour, Mayor Linda S. Vee, Citv Clerk Page 1 of 1 m