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3� ';. � Y` -� <br /> , �` ° <br /> RESOLUTION #1217 � <br /> `� <br /> • RESOLUTION PROVIDING FOR THE ISSUANCE ' <br /> AND SALE OF $ 1,100, 000 <br /> GENERAL OBLIGATION IMPROVEMENT BONDS <br /> OF 1980 <br /> BE IT RESOLVED By the City Council of the City of Orono, <br /> Minnesota, Hennepin County, Minnesota, as follows: � � <br /> 1. It is hereby determined: <br /> (a) That the following assessable, public improvements � <br /> (the "Improvements") have been� made, duly ordered <br /> or contracts let for the construction thereof, by <br /> the City pursuant to the provisions of Minnesota <br /> Statutes, Chapter 429 : <br /> Project Name Estimated Cost <br /> I. (A.) Minnetonka Blu�fs � $ 182 , 540 <br /> (.B) County Road #�15 � 47 ,454 <br /> II. (A) Ferndale Road 388 ,838 <br /> (B) Orono Lane 1:23 ,417 <br /> • (C) Trunk Sewer 72,805 <br /> III. North Shore Drive 241,207 <br /> MWCCF. M. Ex. 20, 653 <br /> Total Construction Costs $ �; 076,914 <br /> Plus: Allowance for discount bidding 20,510 <br /> (Bonds issued pursuant .to M.S. <br /> Section 475. 56) ,- <br /> Capitalized Interest (net a�ter 2, 576 <br /> discount) a <br /> Total Bond Issue $ 1,100, 000 <br /> (b) That it is necessary .and expedient to the sound <br /> financial management of the affairs of the City to <br /> issue $ 1, 079,490 � General Obligation <br /> Improvement Bonds of 1980, (the "Bonds") to provide <br /> financing for the Improvements. In order to provide <br /> in part the additional interest required to market <br /> the Bonds at this time, additional Bonds shall be <br /> issued in the amount of $ 20, 51.0 Any excess <br /> of the purchase price of the Bonds over the sum of <br /> $ 1,:100, 000 shall be credited to the <br /> debt service fund for the purpose of paying interest <br /> � first coming due on the Bonds . The Bonds shall be <br /> issued and sold in accordance with the terms of the <br /> Official Notice of Sale- <br />