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Hr '■ <br />& <br />... <br />li <br />m <br />I. <br />t-m <br />iv- <br />I.I' <br />r?. <br />k[4?: <br />► > <br />I' <br />^*-' ■ p. <br />It <br />¥ <br />I <br />HrrAQff^^ ^ <br />K RBSOLOTION GOVERNING BUILDING MONIES <br />ffHBREASf the City of Orono has a need to build new city <br />facilities to house its public Works, Police and Administration <br />staff, and <br />ffHBRBAS, it desires to do so in the most effective <br />matter for its taxpayers, and <br />WHBKBAS, the City has established a Building Fund of <br />million dollars, and <br />WHBBBAS, the City is doing the initial financing through <br />a lease purchase with its own Housing and Redevelopment <br />Authority, and <br />WHBRBAS, the cash set aside in the Building Fund is used <br />for helping defray the cost of the building, and <br />WHBBBAS, the Council determines it appropriate to have a <br />$2 million prinicpal balance in the fund upon completion of the <br />lease purchase, and <br />WHBBBASr there is a need for certain interests from <br />these moneys to support the General Fund, and <br />WHBBBAS, the City Council does not want the principal <br />used in any manner except listed help. <br />HOW, THBBBPORB BE IT RESOLVED, that the Orono City <br />Council establishes the Building Fund Trust for a pledge of <br />monies to pay the lease payments to the HRA under the following <br />restrictions: <br />A. The principal reductian from year to year can not be <br />greater than $1 million - by number of years of the <br />bonds. <br />B.That part of the annual interest can be diverted to <br />the general fund but not more than $___ annually, <br />escalated at a rate of no more than the local CPI. <br />....................