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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 />SECTION _1. AUT1i0$IZATIQN <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.,02. 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 />2.01. 1. The bid of ___ 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 t�,& Bonds bearing interest as follows <br />according to year cf maturity: <br />Yg-4r Interest Rate <br />1993 <br />1994 <br />1995 % <br />1996 % <br />1997 % <br />1998 % <br />1999 % <br />2000 % <br />2001 % <br />2002 % <br />at a ;)rice of $ plus accrued interest. <br />2 <br />