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Resolution No. 548 RESOLUTION TO ISSUE AND SELL $1,700,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1.974 BE I.T RESOLVED by the City Council of the City of Orono, Minnesota, as follows: 1. The City Coun.ci.l deems it necessary and expedient to .issue and sell $1,700,000 negotiable coupon, General Obligation Improvement. Bonds of 1974, to provide financing in the amount of $1,667,500 for the costs, including contract pri.ce, construction interest., and legal, fiscal and miscellaneous costs, of constructing Sanitary Sewer Improvement No. 7.3-1, a local sanitary sewer improve- ment ordered by the City by re-soi.utlJn adopted April. 8, 1974, pursuant to the authority of Chapter. 429, Minnesota Statutes, and also to provide $ 32,500 of additional interest .in the form of obligations as authorized by Section 475.56, Minnesota Statutes. The City Council has made all necessary investigation, has held a public hearing after due notice regarding the improvement, and finds that the improvement will be a special benefit to property .in the City and that special assessments may and will be levied on, said property in an amount not less than 20% of the estimated cost of each such improvement. 2. The City Council will meet at the City Hall on Tuesday , the 27th day of August , 1974 at 7:30 o'clock P.M., for the purpose of receiving and considering sealed bids for the purchase of said General Obligation Improvement Bonds of 1974. 3. The terms of such bonds and of the sale thereof shall be the terms set forth in the following Official Notice of Bond Sale, which shall be furnished to all. interested bidders by the City Clerk -Administrator and by Ehlers and Associates, Inc., fiscal agents for the City: Adopted by the Village Council of the Village of Orono, Minnesota at a regular meeting held July 23, 1974. Robert L. Searles, Mayor Attest: Walter R. Benson, Acting Clerk -Administrator 0