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<br /> .� , . � , -�
<br /> „ ; . .: � Nweqnber 1S;�1979
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<br /> � Co�nissioner of Sec�ities , :' ��' '�-
<br />� ' , St. Paul, Mirmesota , • ° � � �� �,
<br /> ; � � � }i . N t "�r ! ':t r
<br /> 1 1, , ,� ` The'Hrnwrable City Catmcil ' � �r
<br />,: � , . . City of Orono . , . . � ,
<br />, � " C:. ,
<br />� � - Orono PZinnesota .�
<br />� - �� f ', � _ ' � 1; • ' �s' :.
<br /> :. ��
<br /> , _ Re: Proposed Ccxm�rci.al Development Revenue Notes ��' .� ,
<br /> � • ° � (Delane , �
<br /> y .- First National Bank of Navarre Project) ,; i � �
<br /> � City of Orono, Mirmesota . } '� �
<br /> � ���
<br /> , Gentlemen: ' � • � �� , _
<br /> �;i � � We , . ' �s�:• �� � :�, ' Y�'
<br /> `, . have reviewed a proposal that the City of Orano; Mixmesota, '1. .: � ; "`���
<br /> issue its C�mercial Developinent Revenue Notes in a principal sLUn, ' '`
<br /> -1 . �, pr�sently estimated at $750,000 under the prrnrisions of Minnesota ,'� '' �'�
<br /> .,� r Statutes, Chapter 474, to finance acquisition of a pro�ect for David .° ,. x '
<br /> ; - ` �' Delaney. Based on the informati o r i f u rn i s h e d;us, i t appeaxs that the ,,;;, .���,��
<br /> a project described is econanica.11y feasible. ;. , ' � • � .
<br /> , � �
<br /> � ' , �,:I , ' ,,
<br /> , ;` The interest rate or rates rnl the Bonds wi.11�; of course, depend .- L � � ;� ,'
<br /> � ' • ' : on m�ney market conditions at th e time o f issue. However; it is �' � `
<br /> � 4;
<br /> . . �r' ;,� , , our intention at the approgriate tune,to submit 'a proposal for .' '' '' �' -
<br /> , ` � '� purchasing these Bor�cis if approved by the City of Orono, :, ` � ', ,�
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<br /> . ' . . ' ' . � . . ' 1'
<br /> f:• ; Very truly yours�, • . '� � R �., ' :s , ;
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<br /> " ,1�]1 EAST MAIN 8TREET S60B5+ " .!i `
<br /> . PHONE 807-794-345'I + � '
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