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RESOLUTION NO. 6387 <br /> RESOLUTION TO ISSUE AND SELL BONDS <br /> NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Orono, <br /> Hennepin County, Minnesota, as follows: <br /> 1. This Council has confirmed its intent to issue capital improvement plan bonds in <br /> the estimated amount of$3,385,000 pursuant to Minnesota Statutes, Section 475.521 (the "CIP <br /> Bonds"). <br /> 2. It is necessary and expedient that the City issue bonds to finance water utility <br /> improvements in the estimated amount of $1,305,000 pursuant to Minnesota Statutes, Section <br /> 444.075 (the "Water Bonds"). <br /> 3. This Council has expressed its intent to issue abatement bonds in the estimated <br /> amount of $690,000 to refinance the bonds issued by the Orono Housing and Redevelopment <br /> Authority for the Big Island acquisition (the "Big Island Bonds"). <br /> 4. Sealed proposals for a single series of Bonds aggregating approximately <br /> $5,380,000, comprised of the CIP Bonds, the Water Bonds and the Big Island Bonds, will be <br /> received on Tuesday, May 27, 2014, at the offices of Ehlers & Associates, Inc. The City Council <br /> will meet at City Hall at 7:00 o'clock P.M. on the same day for the purpose of considering the <br /> proposals and awarding the sale of the Bonds. The terms of the Bonds and the sale thereof shall <br /> be substantially as set forth in the report of Ehlers & Associates, Inc. on file in the office of the <br /> City Finance Director. <br /> Adopted by the City Council of the City of Orono, Minnesota at a regular meeting held <br /> April 14, 2014. <br /> ATTEST: <br /> Lili McMillan, Mayor <br /> Rachel Dodge, City Clerk <br /> CONFIRMING RESOLUTION <br />