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NOTICE OF BOND SALE <br />$4,000,000 PUBLIC FACILITIES REVENUE BONDS. SERIES 1991 <br />HOUSING AND REDEVELOPMENT AUTHORITY <br />IN AND FOR THE CITY OF ORONO. MINNESOTA <br />(BOOK ENTRY ONLY) <br />NOTICE IS HEREBY GIVEN that the Housing and Redevelopment Authority in and <br />bids wifi be ooened and tabulated. The Board of Commissioner will meet In the City HaM <br />oSLs at 6:3 cPd r^on the day to consider the bids. The Bonds will be issued for the <br />Duroose of financina the construction of a new city hall and facilities to house the PoUce and <br />Dub^ic works deoartments of the City of Orono (collectively, the Facilities ). The Boods will be <br />Issued as fully registered bonds of single maturities. In the denomination of $5.0 JO or any <br />Integral multipie thereof, will be dated, as originally issued, as of December 1, 1991, and will <br />mature on February 1 In the following years and aniounts. <br />Year <br />1994 <br />1995 <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br />2001 <br />Amount <br />$165,000 <br />175.000 <br />190.000 <br />200.000 <br />215.000 <br />225.000 <br />240.000 <br />255.000 <br />Year <br />2002 <br />2003 <br />2004 <br />2005 <br />2006 <br />2007 <br />2008 <br />$275,000 <br />290.000 <br />310.000 <br />330.000 <br />355.000 <br />375.000 <br />400.000 <br />Interest will be payable each February 1 and August 1 comrnei t Augu <br />raaistared owners of the Bonds appeanng of re^'ord in the bond reuta. <br />t^ Immediately preceding month. Bonds hav;>'!> stated maturities m 2002 <br />each be subiectio redemption, at the option 4 V»ie Authonty and In whole or In part and If In <br />oart In Inverw order of rnaturltles and in $5,000 principal amounts selected by lot or other <br />manner deemed fair within a maturity, on February 1, 2001 and any Interest payment date <br />thereafter at a price egual to the principal amount thereof to be r^eemcd plus Interest <br />accrued to the date of rwemptlon. The rate of interest specified for Bonds of one maturity <br />nSy not exceed the rate specified for Bonds of any subsequent maturity. The Bonds will be <br />d^gnated by the Authonty as "qualified tax-exempt obligations for purposes of Section <br />265^) of the Internal Revenue Code of 1986, as amended. <br />The Bonds will be issued In fully registered form and when Issued will be Issued In the name <br />of Cede & Co., as nominee for The Depository Trust Company, Now York. New York, which <br />will act as securities depository for the Bonds.