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RESOLUTION #380
<br />A RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND
<br />DELIVERY OF $1,130,000 IMPROVEMENT BONDS PAYABLE
<br />FROM THEIMPROVEMENT BOND REDEMPTION FUND, AND
<br />APPROPRIATING SPECIAL ASSESSMENTS TO THAT FUND
<br />FOR THE PAYMENT OF SUCH BONDS
<br />BE IT RESOLVED by the Council of the Village of Orono, Minnesota,
<br />as follows:
<br />1. For the purpose.of providing $1,130,000 to finance the cost
<br />of constructing Water Improvement-1970LW-1, the Village shall forthwith
<br />issue, sell and deliver to John Nuveen $ Company of Chicago, Illinois,
<br />and.associates, its negotiable coupon general obligation Improvement
<br />Bonds in.the'principal amount of $1,130,000 to be dated as of February. 1,
<br />1971, which bonds shall be payable from the Improvement Bond Redemption
<br />Fund of the Village of Orono in accordance with the provisions of
<br />Ordinance No. 56, adopted on September 4, 1963, and shall be secured by
<br />all.the covenants and governed by all the terms and provisions set forth in
<br />that ordinance. It is hereby found and determined that said improvement
<br />has been duly instituted in.accordance with the provisions of Minnesota
<br />Statutes, Chapter 429, as amended, upon hearing as required by law, that
<br />contracts have been duly awarded upon advertisement for bids for, -the work.
<br />and materials required for said improvement, in accordance with approved
<br />.plans and specifications, that the total cost of the improvement is
<br />estimated to be not less than the amount of said bond issue, and that the
<br />terms and provisions of said.bonds as herein set forth are as provided -
<br />in the proposal of said purchasers received this date, which proposal
<br />is the highest and best bid submitted pursuant to advertisement heretofor
<br />made under the direction of the Council. The Mayor and Clerk are hereby
<br />.authorised and directed to enter into a contract for the sale of the
<br />bonds on the part of the Village in accordance with said proposal. The -
<br />Treasurer shall retain the good faith check furnished by the purchaser
<br />until delivery of the bonds and payment of the purchase price, and shall
<br />return the checks of all other bidders forthwith.
<br />2. The bonds shall be numbered serially..from l to 226, inclusive,
<br />each in the denomination of $5,000, and.shall mature serially on February 1
<br />in the years and -amounts set forth below, the bonds of each annual maturity
<br />to bear interest until paid or duly called for redemption at the rate
<br />shown below opposite the year of such maturity, as follows:
<br />Year
<br />Amount
<br />Interest Rate
<br />Year
<br />Amount
<br />Interest Rate
<br />1973
<br />$75,000
<br />4.00%
<br />1981
<br />$75,000
<br />4.600
<br />1974
<br />75,000
<br />4.00%
<br />1982
<br />75,000
<br />4.60%
<br />1975
<br />75,000
<br />4.00%
<br />1983
<br />75,000
<br />5.00%
<br />1976
<br />75,000
<br />4.00%
<br />1984
<br />75,000
<br />1977
<br />751,000
<br />4.00%
<br />1985
<br />75,000
<br />5.25%
<br />1978
<br />754000
<br />4.00%
<br />1986
<br />753,000
<br />5.25%
<br />1979
<br />75,800
<br />4.30%'`1987
<br />8010000
<br />5.40%
<br />1980
<br />755-000.
<br />4.30%
<br />. r, . -`.J -.. , .
<br />Interest -shall be payable on -each February 1 and August 1, commencing on
<br />September 1, 1972. The interest from date of issue to maturity shall
<br />be represented by appropriate interest coupons appurtenant to each
<br />bond. The bonds maturing in the years 1973 through 1978 shall not be
<br />subject to redemption before maturity, but those maturing in the years
<br />
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