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<br /> • �� l CITY of ORONO
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<br /> RESOLUTION OF THE CITY COUNCIL
<br /> �L`�kEsl�Og'�G - � . NO. � � � `� ,
<br /> , RESOLUTION AWARDING SALE OF $910,000 GENERA,L
<br /> ; OBLIGATION SEWER IMPROVEMENT REFUNDING BONDS, SERIES 2004B,
<br /> FIXING TIiE FORM AND SPECIFICATIONS
<br /> THEREOF, PROVIDING FOR THEIR EXECUTION AND
<br /> ; � DELIVERY, AND PROVIDING FOR THEIR PAYMENT � .
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<br /> '; BE IT RESOLVED by the City Council of the City of Orono, Miruiesota, as .
<br /> � follows: ,
<br /> 1. The proposal of Cronin & Company, Inc. (the "Purchaser") to purchase
<br /> the $910,000 General Obligation Improvemeiit Refiinding Bonds, Series 2004B of the City '
<br /> (after a signiilg adjustment permitted by the Terms of Proposal) at a price of$912,928.30
<br /> plus accrued interest is hereby found and determined to be the best proposal received and
<br /> shall Ue and is hereby accepted, said offer being to purchase Bonds Uearing interest according
<br /> � to year of maturity as follows: �
<br /> � Maturity Interest Maturity Interest � . . . �
<br /> � ,�Februar�l Rate �FeUruar�� Rate �
<br /> 2006 2.50% 2010 3.00%
<br /> 2007 2.50 2011 3.25
<br /> 2008 3.00 2012 3.50
<br /> 2009 3.00 2013 3.50
<br /> 2. To provide funds to refiuid the City's outstanding General Obligation .
<br /> Improvement Bonds, Series 1997 (the "Prior Bonds"), which were issued to finance certain .
<br /> local improvements of the City pursuant to the authority of Chapter 429, Minnesota Statutes,
<br /> referred to as North Long Lake and Long Lake County Club Sanitary Sewer Improverrients, .
<br /> Bay Ridge/Hartwood and Brackett's Point Sanitary Sewer and Orono Ice Arena Sewer and
<br /> Water(the "Improvements"), the City hereby determines that it is necessary and expedient to
<br /> issue pursuant to Minnesota Statutes, Chapter 429 and Section 475.67, its negotiable General
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<br /> ` � , Obligation Improvement Refunding Bonds, Series 2004B (the "Bonds") in the aggregate � � �� '
<br /> principal amount of$910,000, dated December 29, 2004, which Bonds shall bear interest at .
<br /> the rates above set forth, computed on the basis of a 360-day year of twelve 30-day months,
<br /> ; payable August 1, 2005 and semiannually thereafter on February 1 and August 1 in each �
<br /> � i year, and shall mature serially on February 1 in the years and amounts, as follows: �
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