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Extract of Minutes of Meeting of the <br />City Council of the City of Orono, <br />Hennepin County, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the <br />City Council of the City of Orono, Minnesota, was duly held at the City Hall <br />in said City on Tuesday the 10th day of September , 1974, at 7:30 <br />o'clock P.M. <br />The following members were present: Mayor Searles, Councilmen <br />Butler, Massengale, and Paurus <br />and the following were absent: Councilman Welsh <br />Councilman P aurus introduced the following written resolution <br />and moved its adoption: RESOLUTION #556 <br />RESOLUTION PROVIDING FOR PAYMENT OF COSTS <br />OF CONSTRUCTING WATER IMPROVEMENT NO. 1970 -LW -1 (A, B, C) <br />AND LEVYING TAXES FOR PAYMENT OF BONDS ISSUED THEREFOR <br />BE IT RESOLVED by the City Council of the City of Orono, Minnesota, <br />as follows: <br />1. The City of Orono has heretofore issued its $1,130,000 Improvement <br />Bonds, dated February 1, 1971 (the "Bonds"), the net proceeds of which were <br />$1,125,276, to finance part of the cost of Water Improvement No. 1970 -LW -1, <br />consisting of Project Nos. 1970 -LW -1A, 1970 -LW -1B and 1970 -LW -1C, which has <br />been completed at a total cost of $1,433,123. <br />2. This Council has heretofore levied special assessments against <br />property benefited by said improvement in the amount of $1,229,517. The City <br />has heretofore received prepayments and collections of said assessments in the <br />amount of $253,849. <br />3. Pursuant to Minnesota Statutes, Sections 429.091, Subd. 4, and <br />Chapter 8 of the City Ordinance, the City is required to apply the proceeds <br />of the Bonds, collections of special assessments, taxes and any other moneys <br />appropriated thereto to the payment of the costs of the improvement and to <br />credit subsequent collections of special assessments and taxes to the sinking <br />fund from which the Bonds are payable. <br />4. This Council hereby appropriates $256,801 (the difference between <br />the cost of the improvement and the proceeds of the Bonds and collections of <br />special assessments heretofore applied to construction costs) to the payment <br />of the costs of the improvement from the collections of special assessments for <br />