Laserfiche WebLink
Member _ introduced the following written <br />resolution and moved its adoption: <br />RESOLUTION AWARDING SALE OF GENERAL OBLIGATION <br />WATER AND SEWER REVENUE BONDS, SERIES 1989, <br />FIXING THE FORM AND SPECIFICATIONS THEREOF, PROVIDING <br />FOR THEIR EXECUTION AND DELIVERY AND PROVIDING FUNDS FOR <br />THEIR PAYMENT <br />BE IT RESOLVED by the City Council of the City of <br />Orono, Minnesota, as follows: <br />1.01. The City Council is authorized by Section <br />444.075 and Chapter 475, Minnesota Statutes, to issue its <br />General Obligation Water and Sewer Revenue Bonds, Series 1989 <br />(the "Bonds"), in order to provide funds for improvements to <br />the Water and Sewer System of the City (the "Water and Sewer <br />System"), and it is necessary and expedient to issue the Bonds <br />for such purpose. <br />1-J2. The Bonds are issued for the purposes of a <br />water and sewer system and are not subject to any provisions of <br />law prescribing requiring an election or referendum therefor <br />under Section 444.075, Minnesota Statutes. <br />• . ;R • • 34 ime)r �l <br />2.01. 1. The bid of _ Dean Witter Reynolds, Inc. to <br />purchase the $2,300,000 General Obligation Water and Sewer <br />Revenue Bonds, Series 1989 of the City is hereby found and <br />determined to be the best bid received pursuant to advertised <br />notice of sale and shall be and is hereby accepted, said bid <br />being to purchase the Bonds bearing interest as follows <br />according to year of maturity: <br />1993 <br />6.10% <br />1994 <br />6.20% <br />1995 <br />6.25% <br />1996 <br />6.25% <br />1997 <br />6.25% <br />1998 <br />6.35% <br />1999 <br />6.45% <br />2000 <br />6.50% <br />2001 <br />6.50% <br />2002 <br />6.60% <br />at a price of 10'--�-.283.070.)Q plus accrued interest. <br />IPM <br />