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� O� <br /> :� O O <br /> ,� ,. �, <br /> CITY of ORONO <br /> ti <br /> ��� �G~' RESOLUTION OF TH� C�I� COUNCIL <br /> `9kESI't0g' NO. - 8 <br /> A RESOLUTION CALLING FOR THE ANNUAL CERTIFICATION <br /> OF MSA FUNDS FOR THE DEBT SERVICE ON THE BONDS <br /> FOR THE OLD CRYSTAL BAY ROAD PROJECT <br /> WHEREAS, the City of Orono has issued and sold bonds, dated December 30, 2010, in <br /> the amount of$1,700,000 exclusively for the purpose of establishing, locating,relocating, <br /> construction, reconstructing or improving its State Aid Streets in accordance with Minnesota <br /> Statute 162.18; and <br /> WHEREAS, said City of Orono has irrevocably pledged to the sinking funds from which <br /> said obligations are payable, that amount of their future State Aid allotments needed to pay the <br /> principal and interest thereon; which principal payments shall be made from the Construction <br /> Account and the interest payments made from their Maintenance Account; and <br /> WHEREAS, the City agrees to certify to the Commissioner of Transportation within 30 <br /> days following issuance of the bond, the amount of the total obligation and the amount of <br /> principal and interest required to be paid annually in accordance with Minnesota Rules <br /> 8820.1500, Subp. 11. <br /> NOW THEREFORE, BE IT RESOLVED that the Commissioner of Transportation be <br /> and is hereby requested upon receipt of this resolution to annually certify to the Commissioner of <br /> Management and Budget the sum of money required for the principal and interest on said bonds. <br /> Adopted by the Orono City Council at a regular meeting held this 13`�'day of December, <br /> 2010. <br /> ATTEST: <br /> o��- ,��/.� �u,�.+., wl- t���'"'. <br /> Linda S. Vee, City Clerk J es M. White, Mayor <br /> i <br /> � <br />