|
I
<br />(Resolution #375, continued)
<br />The motion for the adoption of the foregoing resolution was duly seconded
<br />by Member Butterfield, and upon vote being taken thereon, the following
<br />voted in favor thereof: Mayor Oberhauser; Councilmen Butterfield and'
<br />Searles and the following voted against the same: None
<br />Whereupon said resolution`was declared duly passed and adopted.
<br />The Clerk presented a proposed form of -notice of sale of -the foregoing
<br />bonds, which was examined, approved and ordered placed on file by the
<br />Village Clerk.
<br />NOTICE OF SALE
<br />$1,1301000 IMPROVEMENT BONDS
<br />VILLAGE OF ORONO
<br />MINNESOTA -
<br />NOTICE IS HEREBY GIVEN that the Village Council of the Village of Orono,
<br />Minnesota, will meet in the Village Hall, County Road 1463, on January 12,
<br />1971, at 5:00 o'clock P.M., to receive, open and consider bids for the,
<br />purchase of $1,130,000 negotiable coupon, general obligation bonds to
<br />be issued for the purpose of financing a.local water improvement and
<br />on the following terms:
<br />Date and Maturities
<br />The bonds will be dated February 1, 1971, will be in denomination of $1,000
<br />or $5,000 each (bidder's option) and will mature on February 1 in the
<br />following years and amounts:
<br />i Year Amount Year Amount
<br />1973 $75,000 1981$75,000
<br />1974 75,000 1982 75,000
<br />1975 753,000 1983 75,000
<br />1976 75,000 1984 75,000
<br />1977 751000 1985 75,000
<br />1978 75,000 1986 75,000
<br />,1-979 75,00'0-' -1987 80,000
<br />1980 75,000
<br />Bonds maturing ih -the years 1979 through 1987 will each be subject to
<br />redemption and prepayment at the option of the Village and in inverse
<br />numerical order, on February 13, 1978, and any interest payment date,
<br />thereafter, at 1017'1/2$ of par plus accrued interest.
<br />Interest
<br />Interest on the bonds will be payable on February 1, 1972, and semiannually
<br />thereafter on each August 1 and February 1. All bonds maturing on the
<br />same date must bear interest from date of issue until paid. or until duly
<br />called for redemption at a single, uniform rate, not exceeding the rate
<br />specified for bonds of any subsequent maturity. Not more than 6 interest
<br />rates may be specified for the issue. Each rate must be in an integral
<br />laultiple of 5/100'of 1%, and no rate may exceed 70. No supplemental or
<br />;�8" coupons will be permitted.
<br />
|