|
.(Resolution #348., continued)
<br />the Village shall forthwith issue, sell and deliver.to the First
<br />National Bank of Minneapolis, of Minneapolis, Minnesota, and associates,
<br />its negotiable coupon general obligation Improvement Bonds 1970, Series A,
<br />in the principal amount of $355,000, and its Improvement Bonds of 1970,
<br />Series B. in the principal amount of $945,000, to be dated as of
<br />August 1, 1970, which bonds shall be payable from the Improvement Bond.
<br />Redemption Fuad of the Village of Orono in accordance with the provisions
<br />of Ordinance No. 56, adopted on September 4, 1963, and shall be secured
<br />by all the covenants and governed by all the, terms and provisions set
<br />forth in that ordinance. It is hereby found and determined that said
<br />improvements have been duly -instituted in accordance with the provisions
<br />of Minnesota Statutes, Chapter 429, as�amended, upon hearings as required
<br />by law, that contracts have been duly awarded upon advertisement for
<br />bids for the work and materials required for said improv�me,,ts, in
<br />accordance with approved plans and specifications, that the total cost
<br />of the improvements is estimated to be not less than the amoun'ts.of
<br />said bond issues, "and that the terms and provisions of said bonds as
<br />herein set forth are as.provided in the proposals of said purchasers
<br />received this.date, which proposals are the highest and best bids
<br />submitted pursuant to advertisement heretofore made under the direction
<br />of the Council. The Mayor and Clerk are hereby authorized and directed
<br />to enter into contraca_s for the sale of the bonds on the part of the
<br />Village in accordance with said proposals: The Treasurer shall retain
<br />the good faith checks furnished by the purchasers until delivery of the
<br />bonds and payment of the purchase.price, and shall return the checks
<br />of all other bidders forthwith.
<br />Interest shall be payable on each February 1 and August 1, commencing
<br />on August 1, 1971. The interest from date of issue to maturity shall
<br />be represented by appropriate interest coupons appurtenant to each bond.
<br />2. The
<br />Series'A bonds
<br />shall be numbered serially
<br />from 1 to 71,
<br />inclusive,
<br />and the
<br />Series B bonds
<br />shall be
<br />numbered serially
<br />from l to 189,
<br />inclusive,
<br />each in
<br />the denomination
<br />-of $53,0001
<br />and shall mature
<br />serially
<br />on February
<br />1 in the
<br />years and amounts
<br />set
<br />forth below, the
<br />bonds of
<br />each.annual
<br />maturity
<br />to'bear interest
<br />until
<br />paid or duly called
<br />for
<br />redemption
<br />at the
<br />rate shown below opposite
<br />the year -of such
<br />maturity,
<br />as follows:
<br />Series
<br />A
<br />Series B
<br />Interest
<br />Interest
<br />Year
<br />Amount
<br />Rate
<br />Year
<br />Amount
<br />Rate
<br />1972
<br />$15,000
<br />6.00%
<br />1973
<br />$60,000
<br />5.60%
<br />1973
<br />252000
<br />6.00%
<br />19.74
<br />65,000
<br />5.60%
<br />1974
<br />25,000
<br />6.00%
<br />1975
<br />602000
<br />5.60%
<br />1975
<br />25,.0`0,0
<br />6.00%
<br />1976
<br />65,000
<br />6.00%
<br />1976
<br />25-,,,000
<br />6.001
<br />1.9.7.7
<br />65,000
<br />6.00%
<br />1977
<br />2'5:; Q(y0
<br />1978
<br />60.0000
<br />6.00%
<br />1978
<br />25,00:0
<br />-6.000
<br />1979
<br />65,000
<br />6.25%
<br />1979
<br />25,000
<br />6.25%
<br />1980
<br />60,000
<br />6.25%
<br />1980•
<br />25,000
<br />6.25%
<br />1981
<br />.65,000
<br />6.50%
<br />.1981
<br />25,00-0
<br />_6. 50%,
<br />1982
<br />65,000
<br />6.50 %
<br />1982
<br />25,000
<br />6.5066
<br />1983
<br />6031000
<br />6.60%
<br />1983
<br />25,000
<br />6.75%
<br />1984
<br />65,000
<br />6.75%
<br />1984
<br />25,000
<br />6.75%
<br />1985
<br />60,000
<br />6.90%
<br />1985
<br />20,000
<br />6.90%
<br />1986
<br />651000
<br />6.90%
<br />1 1986
<br />20,000
<br />6.90%
<br />1987
<br />652000
<br />6.90%
<br />Interest shall be payable on each February 1 and August 1, commencing
<br />on August 1, 1971. The interest from date of issue to maturity shall
<br />be represented by appropriate interest coupons appurtenant to each bond.
<br />
|