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In the opinion of Bond Counsel, under present laws and rulings, the interest on the Bonds is not includable <br />in gross income for purposes of federal income taxation or in taxable net income of individuals, estates or <br />trusts for purposes of Minnesota income taxation. The Bonds are "qualified tax-exempt obligations" under <br />Section 265(b)(3) of the Internal Revenue Code and interest thereon is not subject to ttie federal <br />alternative minimum tax applicable to individuals or the Minnesota alternative minimum tax applicable to <br />individuals, trusts and estates. See "Tax Exemption" herein for a discussion of federal tax legislation. <br />OFFICIAL STATEMENT <br />CITY OF ORONO, MINNESOTA <br />$2,300,000 <br />GENERAL OBLIGATION WATER AND SEWER REVENUE BONDS, SERIES 1989 <br />New Issue Rating: Application made <br />BID OPENING: Monday, September 11, 1989, 0:00 o'clock a.m., C.T. <br />CONSIDERATION: Monday, September 11, 1989, 7:00 o'clock p.m., C.T. <br />MRN9/AUT110RiYL$VQV9ITY: The Bonds are issued pursuant to Minnesota Statutes, Chapter 475 and Section <br />444.075, to provide funds for the financing of various water and sewer projects in the City and will be paid <br />from a combination of connection charges, special assessments and water and sewer revenues. The Bonds will <br />be in fully registered form as to both principal and interest and will be in integral multiples of $5,000 <br />each. Delivery is subject to receipt of approving legal opinion of Faegre & Benson, of Minneapolis, <br />Minnesota. <br />PATE OF_0ONDS: September 16, 1989. <br />MATURITY: February <br />1 as follows: <br />Year <br />Am4Vnt <br />Year <br />Amg-Unt <br />1993 <br />$175,000 <br />1998 <br />$225,000 <br />1994 <br />$175,000 <br />1999 <br />$250,000 <br />1995 <br />$200,000 <br />2000 <br />$275,000 <br />1996 <br />$200,000 <br />2001 <br />$275.000 <br />1997 <br />$225,000 <br />2002 <br />$300,000 <br />REDEMPTION: Bonds maturing February 1, 1997, and thereafter are subject to call for prior <br />redemption on February 1, 1996, at par. <br />INTEREST: August 1, 1990 and semiannually thereafter. <br />RE5I5TRAR/PAYIN-5-_AQIENNT: Named by the City. <br />MINI -Mill BID: $2,255,350. <br />GOQD_FAITH_ D�n UT: $46,000, payable to the City Finance Director. <br />This Official Statement is dated September 1, 1989. <br />Prepared For The Issuer %I* &V AlierodU, L <br />LEADERS IN PUBLIC FINANCE <br />OFFICES IN MINNEAPOLIS AND WAUKESHA <br />2950 Norwest Center • 90 South Seventh Street • Minneapolis MN 55402.4100 •612-339-8291 • FAX 612-339 0854 <br />